Truist Financial Begins Coverage on Devon Energy (NYSE:DVN)

Key Points

• Truist initiated coverage on Devon Energy with a "buy" rating and a $63.00 price target, implying roughly a 29.9% upside from the stock's previous close.
• Analyst sentiment is broadly positive—24 buys and 7 holds—giving a consensus rating of "Moderate Buy" and a consensus price target of $49.86, while the stock trades around $48.49 with a P/E of 11.63 and a market cap of about $30.1 billion.
• Devon reported $0.82 EPS (beating estimates) and $17.19 billion in quarterly revenue (down 6.4% YoY), with a net margin of 15.37% and institutional ownership near 69.7%, including several recent inflows.

Truist Financial started coverage on shares of Devon Energy (NYSE:DVN - Get Free Report) in a note issued to investors on Tuesday. The brokerage set a "buy" rating and a $63.00 price target on the energy company's stock. Truist Financial's target price suggests a potential upside of 29.92% from the stock's previous close.

Other equities analysts also recently issued reports about the stock. Citigroup raised their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the stock a "buy" rating in a report on Wednesday, December 17th. Argus increased their price target on shares of Devon Energy from $41.00 to $51.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Morgan Stanley cut their price target on shares of Devon Energy from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Friday, January 23rd. Wolfe Research lifted their price objective on Devon Energy from $58.00 to $64.00 in a report on Monday, March 9th. Finally, Barclays upped their price objective on Devon Energy from $52.00 to $54.00 and gave the company an "overweight" rating in a research note on Monday, March 16th. Twenty-four equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $49.86.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $48.49 on Tuesday. The business has a fifty day simple moving average of $42.76 and a 200 day simple moving average of $37.77. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $30.07 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 1.29 and a beta of 0.56. Devon Energy has a one year low of $25.89 and a one year high of $49.83.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. The firm had revenue of $17.19 billion for the quarter, compared to the consensus estimate of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The business's revenue was down 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.10 earnings per share. Sell-side analysts expect that Devon Energy will post 4.85 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Purpose Unlimited Inc. bought a new position in Devon Energy in the 4th quarter valued at $130,000. World Investment Advisors raised its position in shares of Devon Energy by 54.3% during the fourth quarter. World Investment Advisors now owns 46,916 shares of the energy company's stock worth $1,719,000 after acquiring an additional 16,505 shares during the last quarter. Corient Private Wealth LLC lifted its stake in shares of Devon Energy by 12.7% during the fourth quarter. Corient Private Wealth LLC now owns 116,073 shares of the energy company's stock valued at $4,253,000 after acquiring an additional 13,124 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Devon Energy during the fourth quarter valued at $25,000. Finally, Tulsa Wealth Advisors INC bought a new position in Devon Energy in the fourth quarter valued at about $343,000. Institutional investors 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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