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

Key Points

• Wall Street Zen upgraded Devon Energy from “hold” to “buy.” Other analysts remain broadly positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $59.60.
• Devon Energy reported quarterly adjusted earnings of $1.57 per share, exceeding the $1.40 consensus estimate, while revenue rose 73.1% year over year to $7.42 billion.
• Shares opened at $45.83, and institutional investors own approximately 69.72% of the company; an insider separately sold 18,000 shares valued at $841,320.

Devon Energy (NYSE:DVN - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

Other equities research analysts have also issued research reports about the stock. Zacks Research lowered shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Truist Financial lifted their target price on shares of Devon Energy from $61.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Mizuho boosted their target price on shares of Devon Energy from $62.00 to $68.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Citigroup upped their price target on shares of Devon Energy from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, May 20th. Finally, Evercore raised shares of Devon Energy from an "in-line" rating to an "outperform" rating and set a $54.00 price target on the stock in a research note on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $59.60.

Devon Energy Stock Up 3.2%

Shares of DVN opened at $45.83 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. Devon Energy has a 12 month low of $31.47 and a 12 month high of $52.71. The stock's 50 day moving average is $43.40 and its two-hundred day moving average is $45.14. The firm has a market cap of $50.41 billion, a P/E ratio of 10.89 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last announced its 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 business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the prior year, the company posted $0.84 EPS. The business's quarterly revenue was up 73.1% on a year-over-year basis. Analysts predict that Devon Energy will post 4.99 earnings per share for the current fiscal year.

Insider Activity at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The shares were 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 $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.58% of the stock is owned by company insiders.

Institutional Trading of Devon Energy

A number of hedge funds have recently bought and sold shares of the business. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $25,000. JFS Wealth Advisors LLC grew its holdings in 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. MV Capital Management Inc. purchased a new stake in Devon Energy in the 4th quarter valued at $29,000. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Devon Energy in the 2nd quarter worth $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in shares of Devon Energy in the 4th quarter worth $29,000. Institutional investors and hedge funds own 69.72% of the company's stock.

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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