Devon Energy (NYSE:DVN) Given Buy Rating at Argus

Key Points

• Argus reiterated its “buy” rating on Devon Energy and set a $45.85 price target, while analysts overall maintain a “Moderate Buy” consensus with an average target of $59.15.
• Devon Energy shares rose 1.5% to $46.52 in Monday trading. The company recently exceeded quarterly earnings expectations, reporting $1.57 in EPS versus the $1.40 consensus and revenue of $7.42 billion, up 73.1% year over year.
• Institutional investors own approximately 69.72% of Devon Energy, while company insiders own 4.58%; senior vice president Andrea Alexander recently sold 18,000 shares.

Devon Energy (NYSE:DVN - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at Argus in a research report issued on Monday,Benzinga reports. They presently have a $45.85 target price on the energy company's stock. Argus' price objective points to a potential downside of 1.43% from the company's previous close.

A number of other analysts have also weighed in on DVN. UBS Group reduced their target price on Devon Energy from $58.00 to $54.00 and set a "buy" rating on the stock in a research note on Wednesday, July 15th. Barclays lowered their target price on shares of Devon Energy from $62.00 to $58.00 and set an "overweight" rating for the company in a research note on Monday. Raymond James Financial cut their price target on shares of Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating on the stock in a report on Thursday, July 16th. Zacks Research downgraded shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 27th. Finally, Truist Financial lifted their price objective on shares of Devon Energy from $61.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $59.15.

Devon Energy Trading Up 1.5%

Shares of DVN traded up $0.67 during mid-day trading on Monday, reaching $46.52. 3,271,027 shares of the company's stock traded hands, compared to its average volume of 13,521,717. The stock has a market cap of $51.17 billion, a P/E ratio of 11.04 and a beta of 0.38. The stock's 50-day moving average is $43.40 and its two-hundred day moving average is $45.18. Devon Energy has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the prior year, the business posted $0.84 earnings per share. The company's revenue for the quarter was up 73.1% on a year-over-year basis. Research analysts forecast that Devon Energy will post 4.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.58% of the company's stock.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently made changes to their positions in DVN. Tobam grew its holdings in Devon Energy by 16.4% during 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 raised its holdings in Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock worth $262,000 after purchasing an additional 236 shares during the period. Retirement Planning Group LLC raised its holdings in Devon Energy by 4.5% in the second quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company's stock worth $233,000 after purchasing an additional 243 shares during the period. JFS Wealth Advisors LLC increased its position in shares of Devon Energy by 56.6% in the 2nd 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. Finally, Catalyst Financial Partners LLC increased its position in shares of Devon Energy by 3.9% in the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock valued at $246,000 after buying an additional 254 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source