Devon Energy (NYSE:DVN) Given New $50.00 Price Target at Morgan Stanley

Devon Energy (NYSE:DVN - Get Free Report) had its price target raised by research analysts at Morgan Stanley from $49.00 to $50.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the energy company's stock. Morgan Stanley's target price points to a potential downside of 5.09% from the company's current price.

A number of other research analysts also recently issued reports on the stock. Wells Fargo & Company upgraded shares of Devon Energy from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $46.00 to $59.00 in a research report on Monday, April 1st. UBS Group boosted their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a "neutral" rating in a research report on Wednesday, April 10th. Truist Financial decreased their target price on shares of Devon Energy from $69.00 to $66.00 and set a "buy" rating for the company in a research report on Friday, April 5th. JPMorgan Chase & Co. boosted their target price on shares of Devon Energy from $57.00 to $62.00 and gave the company an "overweight" rating in a research report on Monday, April 8th. Finally, Piper Sandler decreased their target price on shares of Devon Energy from $61.00 to $59.00 and set an "overweight" rating for the company in a research report on Wednesday, January 24th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $57.89.

Devon Energy Stock Performance

Shares of NYSE:DVN traded down $0.74 on Monday, hitting $52.68. 7,823,357 shares of the company were exchanged, compared to its average volume of 8,124,310. Devon Energy has a 1-year low of $40.47 and a 1-year high of $56.19. The stock's 50 day moving average price is $47.08 and its 200 day moving average price is $45.74. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $33.45 billion, a P/E ratio of 9.04 and a beta of 2.19.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the firm posted $1.66 earnings per share. The business's revenue for the quarter was down 3.6% compared to the same quarter last year. Sell-side analysts predict that Devon Energy will post 5.02 EPS for the current year.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. raised its holdings in Devon Energy by 1,279.7% in the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company's stock valued at $278,396,000 after acquiring an additional 5,700,167 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in Devon Energy by 96.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,608,577 shares of the energy company's stock valued at $344,984,000 after acquiring an additional 2,752,752 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Devon Energy in the 3rd quarter valued at about $113,793,000. Morgan Stanley raised its holdings in Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company's stock valued at $555,567,000 after acquiring an additional 2,220,194 shares during the last quarter. Finally, International Assets Investment Management LLC raised its holdings in Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company's stock valued at $76,793,000 after acquiring an additional 1,652,671 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

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.