Devon Energy (NYSE:DVN) Stock Rating Upgraded by Tudor Pickering

Key Points

• Tudor Pickering upgraded Devon Energy (DVN) from a "hold" to a "strong-buy" rating in a research note issued Monday.
• Multiple analysts have recently raised price targets (e.g., Morgan Stanley to $59, Raymond James to $52), leaving an average analyst price target of $53.79 and a consensus rating of "Moderate Buy".
• Devon reported quarterly EPS of $0.82 (beating estimates by $0.01) and revenue of $4.12 billion (down 6.4% year-over-year); the stock trades near $44.91 with a market cap of about $27.9 billion.

Devon Energy (NYSE:DVN - Get Free Report) was upgraded by equities research analysts at Tudor Pickering from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Monday,Zacks.com reports.

DVN has been the subject of a number of other reports. Raymond James Financial increased their price target on Devon Energy from $44.00 to $52.00 and gave the company an "outperform" rating in a research note on Wednesday, February 11th. Morgan Stanley increased their price target on Devon Energy from $46.00 to $59.00 and gave the company an "overweight" rating in a research note on Friday, March 27th. Royal Bank Of Canada increased their price target on Devon Energy from $46.00 to $59.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 8th. Jefferies Financial Group increased their price target on Devon Energy from $44.00 to $53.00 and gave the company a "hold" rating in a research note on Monday, April 13th. Finally, Barclays increased their price target on Devon Energy from $52.00 to $54.00 and gave the company an "overweight" rating in a research note on Monday, March 16th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $53.79.

Devon Energy Trading Up 1.5%

Shares of DVN stock opened at $44.91 on Monday. The stock's fifty day moving average price is $46.40 and its two-hundred day moving average price is $39.67. The company has a market cap of $27.91 billion, a PE ratio of 10.77, a P/E/G ratio of 0.80 and a beta of 0.47. Devon Energy has a fifty-two week low of $29.06 and a fifty-two week high of $52.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The company had revenue of $4.12 billion during the quarter, compared to analysts' expectations of $3.67 billion. During the same period in the prior year, the company earned $1.10 EPS. Devon Energy's revenue was down 6.4% compared to the same quarter last year. Equities analysts predict that Devon Energy will post 4.94 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. PFS Partners LLC bought a new position in Devon Energy during the 3rd quarter worth $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Devon Energy during the 4th quarter worth $25,000. First Horizon Corp bought a new position in Devon Energy during the 3rd quarter worth $26,000. Accredited Wealth Management LLC raised its position in Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock worth $28,000 after purchasing an additional 308 shares during the last quarter. Finally, Ameriflex Group Inc. raised its position in Devon Energy by 702.0% during the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock worth $28,000 after purchasing an additional 702 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

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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