Devon Energy (NYSE:DVN) Stock Rating Raised to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Devon Energy to “Buy” from “Hold.” The stock has an overall “Moderate Buy” consensus rating and a $60.11 average price target from analysts.
• Devon reported quarterly EPS of $1.57, beating estimates of $1.40, while revenue reached $7.42 billion and rose 73.1% year over year.
• Shares opened at $47.65, up 1.0%, while major institutional investors increased their positions; institutional investors and hedge funds collectively own 69.72% of the company.

Devon Energy (NYSE:DVN - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday, Wall Street Zen reports.

Several other brokerages have also weighed in on DVN. Barclays lowered their price objective on Devon Energy from $62.00 to $58.00 and set an "overweight" rating for the company in a report on Monday, August 17th. Wolfe Research set a $67.00 price target on Devon Energy and gave the company an "outperform" rating in a report on Monday, June 22nd. The Goldman Sachs Group reduced their price objective on Devon Energy from $54.00 to $53.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Citigroup lifted their price objective on shares of Devon Energy from $65.00 to $67.00 and gave the stock a "buy" rating in a report on Monday, August 31st. Finally, Argus reissued a "buy" rating and set a $45.85 target price on shares of Devon Energy in a report on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $60.11.

Devon Energy Trading Up 1.0%

Shares of DVN opened at $47.65 on Friday. Devon Energy has a one year low of $31.47 and a one year high of $52.71. The stock has a 50-day moving average price of $46.99 and a 200 day moving average price of $46.34. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The company has a market capitalization of $52.42 billion, a P/E ratio of 11.32, a P/E/G ratio of 1.28 and a beta of 0.49.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion for 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% on a year-over-year basis. During the same period in the prior year, the company posted $0.84 EPS. Sell-side analysts forecast that Devon Energy will post 5.27 EPS for the current fiscal year.

Insider Activity

In related news, CEO Clay M. Gaspar acquired 3,913 shares of the business's stock in a transaction dated Monday, September 14th. The stock was bought at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the transaction, the chief executive officer owned 619,152 shares of the company's stock, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the company's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the sale, the executive vice president owned 72,720 shares of the company's stock, valued at approximately $3,705,084. This trade represents a 8.50% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 4.58% of the company's stock.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP grew its holdings in Devon Energy by 418.3% in the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock worth $2,128,905,000 after purchasing an additional 41,581,435 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Devon Energy by 57.6% during the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company's stock valued at $3,941,054,000 after purchasing an additional 34,871,366 shares during the last quarter. State Street Corp boosted its position in shares of Devon Energy by 89.8% in the 2nd quarter. State Street Corp now owns 73,179,266 shares of the energy company's stock worth $3,023,767,000 after purchasing an additional 34,615,088 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of Devon Energy in the 2nd quarter worth $421,226,000. Finally, GQG Partners LLC purchased a new position in Devon Energy during the 2nd quarter worth $402,558,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

About Devon Energy

Devon Energy Corporation NYSE: DVN is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon's operations are concentrated in several major U.S. producing regions, 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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