Morgan Stanley Boosts Devon Energy (NYSE:DVN) Price Target to $59.00

Devon Energy (NYSE:DVN) had its price target lifted by analysts at Morgan Stanley from $46.00 to $59.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Morgan Stanley’s price target indicates a potential upside of 13.23% from the company’s previous close.

DVN has been the subject of several other reports. Benchmark restated a “buy” rating on shares of Devon Energy in a research note on Friday, January 16th. Argus increased their price target on Devon Energy from $41.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Roth Mkm restated a “buy” rating and set a $50.00 price objective on shares of Devon Energy in a research note on Thursday, February 19th. Weiss Ratings raised Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, January 28th. Finally, BMO Capital Markets increased their target price on Devon Energy from $45.00 to $55.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.32.

Devon Energy Stock Up 1.5%

Shares of NYSE DVN traded up $0.76 during trading on Friday, reaching $52.11. 6,613,292 shares of the stock were exchanged, compared to its average volume of 13,745,926. The company has a market capitalization of $32.31 billion, a price-to-earnings ratio of 12.50, a price-to-earnings-growth ratio of 1.24 and a beta of 0.56. The business’s 50-day moving average price is $43.58 and its 200 day moving average price is $38.06. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. Devon Energy has a twelve month low of $25.89 and a twelve month high of $52.46.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The business had revenue of $4.12 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same period last year, the business earned $1.10 EPS. The business’s revenue was down 6.4% on a year-over-year basis. As a group, equities analysts forecast that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in DVN. McAlvany Wealth Management LLC bought a new stake in shares of Devon Energy in the 4th quarter worth approximately $1,503,000. Purpose Unlimited Inc. bought a new stake in Devon Energy in the fourth quarter valued at $130,000. World Investment Advisors boosted its holdings in shares of Devon Energy by 54.3% during the fourth quarter. World Investment Advisors now owns 46,916 shares of the energy company’s stock valued at $1,719,000 after acquiring an additional 16,505 shares during the period. Corient Private Wealth LLC boosted its holdings in shares of Devon Energy by 12.7% during the fourth quarter. Corient Private Wealth LLC now owns 116,073 shares of the energy company’s stock valued at $4,253,000 after acquiring an additional 13,124 shares during the period. Finally, Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy during the fourth quarter worth about $25,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.