Seaport Research Partners Upgrades Devon Energy (NYSE:DVN) to Strong-Buy

Key Points

• Seaport Research Partners upgraded Devon Energy to “strong buy,” adding to broadly positive analyst sentiment. The stock has a “Moderate Buy” consensus rating and an average price target of $59.23.
• Devon Energy reported quarterly EPS of $1.57, exceeding the $1.40 consensus estimate, while revenue reached $7.42 billion and rose 73.1% year over year.
• DVN shares opened at $48.73, near the upper end of their 12-month range of $31.47 to $52.71; institutional investors and hedge funds own approximately 69.72% of the company.

Devon Energy (NYSE:DVN - Get Free Report) was upgraded by equities researchers at Seaport Research Partners to a "strong-buy" rating in a report issued on Wednesday, Zacks reports.

A number of other research analysts also recently issued reports on DVN. Wall Street Zen upgraded shares of Devon Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Susquehanna boosted their price objective on shares of Devon Energy from $57.00 to $63.00 and gave the company a "positive" rating in a research report on Tuesday, July 21st. JPMorgan Chase & Co. dropped their price objective on shares of Devon Energy from $62.00 to $55.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 8th. Jefferies Financial Group raised their target price on shares of Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a report on Monday, May 18th. Finally, Wolfe Research set a $67.00 target price on Devon Energy and gave the company an "outperform" rating in a research note on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $59.23.

Devon Energy Price Performance

Shares of NYSE DVN opened at $48.73 on Wednesday. Devon Energy has a twelve month low of $31.47 and a twelve month high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $53.60 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 1.35 and a beta of 0.37. The business has a 50 day simple moving average of $44.67 and a 200-day simple moving average of $45.77.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm's revenue for the quarter was up 73.1% on a year-over-year basis. During the same period last year, the business posted $0.84 earnings per share. As a group, equities research analysts expect that Devon Energy will post 5.2 earnings per share for the current year.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president owned 138,529 shares of the company's stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.58% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Devon Energy in the 4th quarter valued at about $25,000. JFS Wealth Advisors LLC raised its position in shares of Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after buying an additional 245 shares in the last quarter. Parvin Asset Management LLC acquired a new stake in shares of Devon Energy in the 2nd quarter worth approximately $28,000. MV Capital Management Inc. acquired a new stake in shares of Devon Energy in the 4th quarter worth approximately $29,000. Finally, KERR FINANCIAL PLANNING Corp bought a new position in shares of Devon Energy in the second quarter valued at approximately $29,000. 69.72% of the stock is owned by institutional investors and hedge funds.

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.

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