Evercore Begins Coverage on Devon Energy (NYSE:DVN)

Equities research analysts at Evercore initiated coverage on shares of Devon Energy (NYSE:DVN) in a research report issued to clients and investors on Friday. The firm set an “in-line” rating and a $54.00 price target on the energy company’s stock. Evercore’s target price would indicate a potential upside of 14.29% from the stock’s previous close.

Several other research firms have also recently issued reports on DVN. JPMorgan Chase & Co. cut their price objective on shares of Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, January 15th. Raymond James Financial upgraded shares of Devon Energy from an “outperform” rating to a “strong-buy” rating and set a $72.00 price target for the company in a report on Tuesday, May 5th. Truist Financial began coverage on Devon Energy in a research report on Tuesday, March 24th. They issued a “buy” rating and a $63.00 price objective for the company. Tudor Pickering raised Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Finally, Zacks Research raised Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. Four analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $56.41.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $47.25 on Friday. The business’s 50 day moving average price is $47.63 and its 200 day moving average price is $41.32. The company has a market cap of $29.36 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 0.75 and a beta of 0.43. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. Devon Energy has a one year low of $30.24 and a one year high of $52.71.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter in the previous year, the company earned $0.82 earnings per share. The firm’s quarterly revenue was down 14.5% compared to the same quarter last year. On average, research analysts predict that Devon Energy will post 5.39 EPS for the current year.

Insider Buying and Selling at Devon Energy

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president directly 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. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.71% of the company’s stock.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Tobam boosted its stake in shares of Devon Energy by 16.4% in the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock valued at $60,000 after purchasing an additional 230 shares during the period. TD Private Client Wealth LLC increased its stake in Devon Energy by 3.4% during the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock worth $262,000 after buying an additional 236 shares during the period. Catalyst Financial Partners LLC lifted its holdings in Devon Energy by 3.9% during the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after buying an additional 254 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its holdings in Devon Energy by 21.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock worth $54,000 after buying an additional 257 shares in the last quarter. Finally, Zions Bancorporation National Association UT boosted its position in Devon Energy by 7.9% in the 4th quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock valued at $129,000 after buying an additional 258 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.