Devon Energy (NYSE:DVN) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Devon Energy from “hold” to “buy,” while broader analyst sentiment remains positive with a consensus of Moderate Buy and an average target price of $55.59.
• Devon’s latest quarterly results were mixed, as EPS of $1.04 and revenue of $3.81 billion both came in below analyst expectations, though the company still posted solid profitability metrics.
• Recent company actions were shareholder-friendly: Devon completed its merger with Coterra Energy, approved an $8 billion share buyback, and raised its quarterly dividend to $0.32 per share.

Devon Energy (NYSE:DVN - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday.

Several other equities research analysts also recently weighed in on DVN. JPMorgan Chase & Co. dropped their target price on shares of Devon Energy from $44.00 to $41.00 and set an "overweight" rating for the company in a research report on Thursday, January 15th. Wells Fargo & Company reissued an "overweight" rating and issued a $66.00 target price on shares of Devon Energy in a research report on Monday, April 20th. Mizuho boosted their target price on shares of Devon Energy from $51.00 to $62.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 17th. BMO Capital Markets boosted their target price on shares of Devon Energy from $55.00 to $60.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 7th. Finally, Roth Mkm reissued a "buy" rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, April 28th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $55.59.

Devon Energy Stock Performance

Shares of DVN stock opened at $45.60 on Friday. Devon Energy has a 12 month low of $30.24 and a 12 month high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.90. The firm has a market capitalization of $28.34 billion, a P/E ratio of 12.70, a P/E/G ratio of 0.69 and a beta of 0.43. The company's fifty day moving average price is $47.32 and its two-hundred day moving average price is $40.82.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the prior year, the firm earned $0.82 EPS. The business's quarterly revenue was down 14.5% compared to the same quarter last year. On average, research analysts anticipate that Devon Energy will post 5.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently modified their holdings of the business. Oslo Pensjonsforsikring AS bought a new stake in shares of Devon Energy during the 1st quarter valued at about $474,000. Wilkerson Advisory Group LLC grew its position in shares of Devon Energy by 107.4% during the 1st quarter. Wilkerson Advisory Group LLC now owns 898 shares of the energy company's stock valued at $45,000 after buying an additional 465 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in shares of Devon Energy during the 1st quarter valued at about $69,000. Commerzbank Aktiengesellschaft FI grew its position in shares of Devon Energy by 6.8% during the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 32,214 shares of the energy company's stock valued at $1,621,000 after buying an additional 2,043 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its position in shares of Devon Energy by 14.5% during the 1st quarter. Meeder Asset Management Inc. now owns 31,496 shares of the energy company's stock valued at $1,585,000 after buying an additional 3,980 shares during the last quarter. Institutional investors own 69.72% of the company's stock.

Key Headlines Impacting Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Devon completed its merger with Coterra Energy, creating a larger shale operator with a stronger asset base and a continued NYSE listing under DVN. Article: Devon Energy and Coterra Energy Complete Merger
• Positive Sentiment: The board approved an $8 billion share buyback plan, boosting shareholder returns and suggesting management sees the stock as attractive at current levels. Article: Shale producer Devon Energy approves $8 billion share buyback plan
• Positive Sentiment: Devon raised its quarterly dividend to $0.32 per share from $0.24, a meaningful increase that should appeal to income-focused investors. Article: Devon Energy Corp. stock outperforms competitors despite losses on the day
• Neutral Sentiment: The combined company will be headquartered in Houston while maintaining a significant presence in Oklahoma City, with operations continuing under the Devon name and ticker. Article: Devon Energy completes $58bn merger with Coterra Energy
• Neutral Sentiment: Devon’s latest quarterly results were mixed, with earnings slightly below expectations and revenue below forecasts, which may temper enthusiasm despite the merger and capital-return news.

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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