Devon Energy (NYSE:DVN) Earns "Overweight" Rating from Morgan Stanley

Devon Energy (NYSE:DVN - Get Free Report)'s stock had its "overweight" rating reiterated by investment analysts at Morgan Stanley in a research note issued on Tuesday, Marketbeat.com reports. They presently have a $46.00 price objective on the energy company's stock, up from their previous price objective of $44.00. Morgan Stanley's price target suggests a potential upside of 44.00% from the stock's previous close.

Several other research analysts have also recently commented on the company. The Goldman Sachs Group increased their price target on Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Barclays upped their target price on Devon Energy from $38.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Royal Bank Of Canada lowered their price objective on Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company reduced their price objective on Devon Energy from $46.00 to $41.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Finally, Piper Sandler lowered their target price on shares of Devon Energy from $56.00 to $53.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. Eleven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.48.

Devon Energy Trading Down 0.7%

Shares of NYSE:DVN traded down $0.23 during trading on Tuesday, reaching $31.95. 8,507,276 shares of the stock were exchanged, compared to its average volume of 8,876,409. The firm has a market cap of $20.51 billion, a price-to-earnings ratio of 7.27, a price-to-earnings-growth ratio of 2.50 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. The firm's 50-day moving average price is $32.77 and its 200 day moving average price is $33.55. Devon Energy has a 12-month low of $25.89 and a 12-month high of $49.35.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The business had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.31 billion. During the same period in the prior year, the company posted $1.16 earnings per share. The firm's revenue was up 23.8% on a year-over-year basis. On average, sell-side analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Devon Energy by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock valued at $3,096,000,000 after acquiring an additional 2,098,568 shares during the period. Geode Capital Management LLC boosted its stake in shares of Devon Energy by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company's stock worth $552,830,000 after acquiring an additional 1,038,305 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Devon Energy by 12.9% during the 1st quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock worth $430,805,000 after buying an additional 1,315,050 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in Devon Energy by 42.8% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock valued at $340,236,000 after buying an additional 3,114,656 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Devon Energy by 32.8% in the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock valued at $309,682,000 after purchasing an additional 2,335,473 shares during the period. 69.72% of the stock is 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.