Devon Energy (NYSE:DVN) Given New $59.00 Price Target at Morgan Stanley

Devon Energy (NYSE:DVN) had its price objective lifted by Morgan Stanley from $46.00 to $59.00 in a research report released on Tuesday morning,MarketScreener reports. The firm currently has an overweight rating on the energy company’s stock.

Other equities research analysts have also recently issued reports about the company. Piper Sandler lifted their price objective on Devon Energy from $59.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Capital One Financial decreased their target price on Devon Energy from $64.00 to $63.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 14th. Weiss Ratings raised Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, January 28th. Benchmark reiterated a “buy” rating on shares of Devon Energy in a research report on Friday, January 16th. Finally, Wolfe Research increased their price objective on Devon Energy from $64.00 to $65.00 and gave the company an “outperform” rating in a research note on Monday, April 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.85.

Devon Energy Price Performance

Shares of DVN stock traded up $0.76 during trading hours on Tuesday, hitting $50.24. 2,642,455 shares of the company’s stock were exchanged, compared to its average volume of 13,485,906. Devon Energy has a fifty-two week low of $29.70 and a fifty-two week high of $52.71. The firm has a market cap of $31.20 billion, a P/E ratio of 12.05, a P/E/G ratio of 0.83 and a beta of 0.47. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The firm has a 50 day moving average of $46.82 and a two-hundred day moving average of $40.24.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The company had revenue of $4.12 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the previous year, the firm earned $1.10 EPS. The firm’s revenue was down 6.4% compared to the same quarter last year. Sell-side analysts forecast that Devon Energy will post 5.18 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, March 13th. Devon Energy’s dividend payout ratio is presently 23.02%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. increased its position in Devon Energy by 2,108.0% during the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock worth $233,953,000 after purchasing an additional 6,097,658 shares during the last quarter. Panagora Asset Management Inc. boosted its holdings in Devon Energy by 42,376.5% in the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock valued at $132,206,000 after purchasing an additional 3,600,731 shares during the last quarter. Kimmeridge Energy Management Company LLC grew its stake in shares of Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after buying an additional 3,195,862 shares during the period. AQR Capital Management LLC increased its holdings in shares of Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after buying an additional 2,802,137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Devon Energy by 608.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company’s stock worth $98,721,000 after buying an additional 2,314,843 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Key Stories Impacting Devon Energy

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

• Positive Sentiment: Zacks added DVN to its Rank #1 (Strong Buy) list on April 29 — a visibility/flow catalyst that can attract retail and quant buyers. New Strong Buy Stocks for April 29th
• Positive Sentiment: DVN was also listed among Zacks’ value-focused Rank #1 picks, highlighting the stock as both a “strong buy” and attractively valued versus peers — another demand tailwind. Best Value Stocks to Buy for April 29th
• Positive Sentiment: Oil-price strength tied to Middle East shipping/supply risk has lifted E&P names; that tailwind plus progress on the all-stock Coterra merger (key HSR waiting period cleared) is prompting constructive positioning ahead of the close. Devon Energy (DVN) rises as oil prices firm and investors focus on pending Coterra merger and upcoming earnings
• Positive Sentiment: Zacks argues Devon has the setup to beat upcoming quarterly estimates (earnings scheduled for May 5), which can generate short?term upside if results and guidance surprise. Devon Energy (DVN) Expected to Beat Earnings Estimates: Can the Stock Move Higher?
• Positive Sentiment: Scotiabank raised its FY2026/FY2027 EPS estimates for Devon sharply, signaling improved earnings expectations even though the firm retained a cautious rating. Devon Energy Corporation (DVN) – MarketBeat coverage
• Neutral Sentiment: Devon shares recently closed higher while the broader market lagged — a snapshot of the intraday move rather than a standalone fundamental change. Devon Energy (DVN) Advances While Market Declines: Some Information for Investors
• Neutral Sentiment: Kimmeridge released an open letter urging the future Devon board (post?Coterra close) to pursue asset sales, capital?allocation tweaks and pay changes — potentially positive for long?term returns but could introduce near?term execution changes and governance focus. Investor Kimmeridge urges Devon to pursue asset sales after Coterra merger
• Negative Sentiment: Despite EPS upgrades, Scotiabank kept a “Sector Perform” rating and a $46 price target — below current levels — which could cap upside for some investors and temper enthusiasm from institutional holders. Devon Energy Corporation (DVN) – MarketBeat coverage

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.