Devon Energy (NYSE:DVN) Given Buy Rating at Stifel Nicolaus

Key Points

• Stifel Nicolaus reiterated its “buy” rating on Devon Energy and set a $61 price target, implying 24.45% upside from the prior close.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $59.30; other targets range from $58 to $67.
• Devon reported quarterly EPS of $1.57, beating estimates by $0.17, while revenue of $7.42 billion rose 73.1% year over year. Institutional investors own approximately 69.72% of the company.

Devon Energy (NYSE:DVN - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at Stifel Nicolaus in a note issued to investors on Thursday, Benzinga reports. They presently have a $61.00 price objective on the energy company's stock. Stifel Nicolaus' target price points to a potential upside of 24.45% from the company's previous close.

DVN has been the subject of several other research reports. Seaport Research Partners assumed coverage on shares of Devon Energy in a report on Thursday, September 3rd. They issued a "buy" rating and a $65.00 price target for the company. Barclays cut their price objective on shares of Devon Energy from $62.00 to $58.00 and set an "overweight" rating on the stock in a research report on Monday, August 17th. Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the stock an "outperform" rating in a research note on Monday, June 22nd. Susquehanna increased their target price on Devon Energy from $57.00 to $63.00 and gave the stock a "positive" rating in a report on Tuesday, July 21st. Finally, Weiss Ratings downgraded Devon Energy from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 25th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $59.30.

Devon Energy Price Performance

Shares of DVN stock opened at $49.01 on Thursday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy has a 12-month low of $31.47 and a 12-month high of $52.71. The firm has a fifty day moving average of $45.22 and a 200-day moving average of $45.88. The firm has a market capitalization of $53.92 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 1.32 and a beta of 0.37.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.Devon Energy's quarterly revenue was up 73.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.84 EPS. On average, equities research analysts forecast that Devon Energy will post 5.24 earnings per share for the current year.

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently modified their holdings of DVN. Tobam grew its stake in 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 in the last quarter. Sigma Planning Corp boosted its holdings in shares of Devon Energy by 3.5% in the 2nd quarter. Sigma Planning Corp now owns 6,902 shares of the energy company's stock valued at $285,000 after buying an additional 233 shares during the last quarter. TD Private Client Wealth LLC boosted its holdings in shares of Devon Energy by 3.4% in the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock valued at $262,000 after buying an additional 236 shares during the last quarter. Retirement Planning Group LLC grew its stake in shares of Devon Energy by 4.5% in the second quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company's stock valued at $233,000 after buying an additional 243 shares in the last quarter. Finally, JFS Wealth Advisors LLC grew its stake in shares of Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after buying an additional 245 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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