Devon Energy (NYSE:DVN) Given New $49.00 Price Target at Morgan Stanley

Devon Energy (NYSE:DVN) had its price target raised by stock analysts at Morgan Stanley from $48.00 to $49.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the energy company’s stock. Morgan Stanley’s price target points to a potential downside of 2.43% from the stock’s current price.

A number of other research analysts also recently weighed in on DVN. JPMorgan Chase & Co. upgraded Devon Energy from a “neutral” rating to an “overweight” rating and raised their price target for the company from $57.00 to $58.00 in a research note on Wednesday, December 6th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. Raymond James cut their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, January 24th. Stifel Nicolaus cut their price objective on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Finally, Mizuho cut their price objective on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, January 11th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.19.

Devon Energy Stock Up 1.5 %

Shares of NYSE:DVN traded up $0.76 during mid-day trading on Thursday, reaching $50.22. 5,813,683 shares of the stock were exchanged, compared to its average volume of 8,090,672. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The company has a market cap of $31.89 billion, a P/E ratio of 8.60 and a beta of 2.18. Devon Energy has a one year low of $40.47 and a one year high of $56.19. The stock’s 50 day simple moving average is $44.27 and its 200-day simple moving average is $45.43.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period last year, the company earned $1.66 earnings per share. As a group, equities research analysts predict that Devon Energy will post 4.83 EPS for the current year.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. Pacer Advisors Inc. raised its stake 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 period. T. Rowe Price Investment Management Inc. grew its holdings in Devon Energy by 96.4% during 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 buying an additional 2,752,752 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new position in Devon Energy during the 3rd quarter valued at about $113,793,000. Morgan Stanley grew its holdings in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after buying an additional 2,220,194 shares in the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Devon Energy by 3,885.4% during 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 buying an additional 1,652,671 shares in the last quarter. 69.72% of the stock is currently owned by 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.