Devon Energy (NYSE:DVN) Given New $47.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley has lowered its price target for Devon Energy from $49.00 to $47.00, maintaining an "overweight" rating, suggesting a potential upside of 42.91%.
• The company has recently seen other analysts raise their target prices, with a consensus rating of "Moderate Buy" and a target price of $43.68.
• Devon Energy reported a quarterly EPS of $0.84, exceeding the expectations and marking a 9.4% year-over-year increase in revenue.

Devon Energy (NYSE:DVN - Get Free Report) had its price objective lowered by equities research analysts at Morgan Stanley from $49.00 to $47.00 in a report released on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the energy company's stock. Morgan Stanley's price objective suggests a potential upside of 42.91% from the stock's current price.

Several other research firms have also recently commented on DVN. Wolfe Research boosted their target price on Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. Tudor, Pickering, Holt & Co. boosted their target price on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. BMO Capital Markets boosted their target price on Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. Royal Bank Of Canada set a $42.00 target price on Devon Energy and gave the stock a "sector perform" rating in a research report on Friday. Finally, UBS Group boosted their target price on Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.68.

Devon Energy Stock Performance

Shares of NYSE:DVN traded down $0.32 during midday trading on Tuesday, reaching $32.89. 3,442,950 shares of the company traded hands, compared to its average volume of 8,651,025. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. Devon Energy has a 12 month low of $25.89 and a 12 month high of $41.84. The firm has a market capitalization of $20.88 billion, a price-to-earnings ratio of 7.39, a price-to-earnings-growth ratio of 1.89 and a beta of 1.03. The firm's fifty day moving average price is $34.55 and its two-hundred day moving average price is $33.02.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The business had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the previous year, the business earned $1.41 earnings per share. The firm's revenue was up 9.4% on a year-over-year basis. On average, equities analysts expect that Devon Energy will post 4.85 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This represents a 19.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.73% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently bought and sold shares of the stock. Opal Wealth Advisors LLC purchased a new stake in Devon Energy during the 2nd quarter valued at about $25,000. Caldwell Trust Co purchased a new stake in Devon Energy during the 2nd quarter valued at about $25,000. Financial Gravity Asset Management Inc. purchased a new stake in Devon Energy during the 1st quarter valued at about $26,000. Banque Cantonale Vaudoise purchased a new stake in Devon Energy during the 1st quarter valued at about $26,000. Finally, Trust Co. of Vermont boosted its holdings in Devon Energy by 241.3% during the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company's stock valued at $30,000 after acquiring an additional 666 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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