Devon Energy (NYSE:DVN) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Devon Energy (NYSE:DVN) had its target price upped by stock analysts at Morgan Stanley from $59.00 to $66.00 in a research note issued on Thursday,MarketScreener reports. The firm currently has an “overweight” rating on the energy company’s stock. Morgan Stanley’s target price would suggest a potential upside of 37.00% from the stock’s previous close.

A number of other brokerages have also commented on DVN. Zacks Research upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. Argus raised their price objective on shares of Devon Energy from $41.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Raymond James Financial upgraded Devon Energy from an “outperform” rating to a “strong-buy” rating and set a $72.00 price objective for the company in a report on Tuesday, May 5th. Truist Financial started coverage on Devon Energy in a research report on Tuesday, March 24th. They issued a “buy” rating and a $63.00 target price on the stock. Finally, Sanford C. Bernstein increased their target price on Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Four analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $57.30.

Devon Energy Trading Down 0.6%

DVN stock opened at $48.18 on Thursday. Devon Energy has a one year low of $30.24 and a one year high of $52.71. The stock has a market cap of $29.94 billion, a price-to-earnings ratio of 13.45 and a beta of 0.43. The company has a fifty day moving average price of $48.03 and a two-hundred day moving average price of $41.80. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. Devon Energy’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.82 earnings per share. Equities analysts anticipate that Devon Energy will post 5.25 EPS for the current year.

Insider Transactions at Devon Energy

In other news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the sale, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

Large investors have recently added to or reduced their stakes in the stock. Wedge Capital Management L L P NC bought a new position in Devon Energy in the 4th quarter valued at $9,931,000. Allianz Asset Management GmbH raised its stake in shares of Devon Energy by 4.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company’s stock worth $29,210,000 after purchasing an additional 33,974 shares during the period. Investors Research Corp boosted its holdings in shares of Devon Energy by 13,787.5% in the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock worth $1,017,000 after buying an additional 27,575 shares during the last quarter. Philip James Wealth Mangement LLC boosted its holdings in shares of Devon Energy by 43.8% in the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock worth $5,911,000 after buying an additional 49,115 shares during the last quarter. Finally, Greatmark Investment Partners Inc. grew its position in Devon Energy by 5.6% during the third quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company’s stock valued at $20,052,000 after buying an additional 30,435 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy News Roundup

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Devon Energy completed a major $2.6 billion acquisition of 16,300 net undeveloped acres in New Mexico’s Delaware Basin, adding roughly 400 future drilling locations and extending its inventory life. Management said the deal is accretive to net asset value and can be funded with cash on hand, supporting the company’s long-term production outlook and capital return strategy. Reuters article
• Positive Sentiment: Analysts turned more constructive, with Zacks Research raising its earnings estimates for Devon Energy and keeping a Strong-Buy rating. Higher forward EPS estimates can reinforce the view that Devon’s earnings power is improving. MarketBeat DVN page
• Positive Sentiment: Recent Wall Street commentary has also been supportive, including Jefferies reiterating a Buy rating and lifting its price target, which may be helping sentiment around DVN’s valuation and longer-term upside. Yahoo Finance article
• Neutral Sentiment: There are also reminders that Devon is still exposed to oil and gas price swings, and any drop in crude prices could pressure the stock despite the acquisition and analyst upgrades. Motley Fool article
• Negative Sentiment: The company’s most recent quarterly results were mixed, with EPS and revenue both missing estimates, which can weigh on investor confidence even as the company pursues strategic growth. MarketBeat DVN page

About Devon Energy

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.