Devon Energy (NYSE:DVN) Earns Buy Rating from Analysts at Roth Capital

Key Points

• Devon Energy's rating has been upgraded to a strong-buy by Roth Capital, signaling a positive outlook from analysts.
• UBS and Barclays have recently adjusted their price targets for Devon Energy, setting them at $40.00, while Wolfe Research increased theirs to $49.00.
• The company's recent earnings report showed an increase in revenue by 9.4% year-over-year, with earnings per share surpassing estimates.

Research analysts at Roth Capital started coverage on shares of Devon Energy (NYSE:DVN - Get Free Report) in a note issued to investors on Monday, Marketbeat.com reports. The firm set a "buy" rating on the energy company's stock.

A number of other research firms have also recently commented on DVN. Tudor, Pickering, Holt & Co. increased their target price on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. William Blair began coverage on Devon Energy in a report on Monday, August 25th. They set an "outperform" rating for the company. Bernstein Bank dropped their target price on Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Monday, July 7th. Piper Sandler lowered their price target on Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Finally, Morgan Stanley dropped their price target on Devon Energy from $49.00 to $47.00 and set an "overweight" rating on the stock in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $43.68.

Devon Energy Trading Down 1.6%

Shares of NYSE:DVN opened at $32.69 on Monday. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $20.75 billion, a PE ratio of 7.33, a P/E/G ratio of 1.93 and a beta of 1.03. Devon Energy has a 12-month low of $25.89 and a 12-month high of $41.84. The business's fifty day simple moving average is $34.56 and its 200-day simple moving average is $33.02.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.41 earnings per share. As a group, equities research analysts predict that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.73% of the company's stock.

Institutional Inflows and Outflows

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

Devon Energy Company Profile

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.