Devon Energy (NYSE:DVN) Given New $49.00 Price Target at Morgan Stanley

Devon Energy (NYSE:DVN) had its target price increased by equities researchers at Morgan Stanley from $48.00 to $49.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Morgan Stanley’s price objective indicates a potential downside of 2.43% from the company’s current price.

Several other analysts also recently weighed in on DVN. Raymond James dropped their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Piper Sandler lowered their target price on Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Stifel Nicolaus lowered their target price on Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Mizuho lowered their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Finally, Citigroup upped their target price on Devon Energy from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $55.19.

Devon Energy Stock Up 1.5 %

Shares of DVN traded up $0.76 during trading hours on Thursday, hitting $50.22. The company had a trading volume of 5,813,683 shares, compared to its average volume of 8,090,672. Devon Energy has a one year low of $40.47 and a one year high of $56.19. The company’s fifty day moving average price is $44.27 and its two-hundred day moving average price is $45.43. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $31.89 billion, a PE ratio of 8.60 and a beta of 2.18.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.66 EPS. As a group, equities analysts forecast that Devon Energy will post 4.83 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wahed Invest LLC boosted its position in shares of Devon Energy by 2.1% during the first quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock worth $469,000 after buying an additional 161 shares during the period. Avior Wealth Management LLC raised its stake in shares of Devon Energy by 4.9% in the third quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock valued at $210,000 after acquiring an additional 207 shares in the last quarter. Cornerstone Wealth Management LLC raised its stake in shares of Devon Energy by 1.9% in the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock valued at $550,000 after acquiring an additional 218 shares in the last quarter. MCF Advisors LLC raised its stake in shares of Devon Energy by 9.0% in the third quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock valued at $128,000 after acquiring an additional 222 shares in the last quarter. Finally, Clearbridge Investments LLC raised its stake in shares of Devon Energy by 2.1% in the third quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after acquiring an additional 239 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.