Devon Energy (NYSE:DVN) Reaches New 1-Year High – Here’s Why

Shares of Devon Energy Corporation (NYSE:DVN) hit a new 52-week high on Tuesday . The stock traded as high as $44.02 and last traded at $43.51, with a volume of 7806793 shares changing hands. The stock had previously closed at $43.81.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company raised their price objective on shares of Devon Energy from $37.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 27th. Johnson Rice cut their price target on shares of Devon Energy from $70.00 to $62.00 and set a “buy” rating for the company in a report on Friday, December 5th. Jefferies Financial Group upped their price objective on Devon Energy from $33.00 to $36.00 and gave the company a “hold” rating in a report on Tuesday, January 20th. Barclays raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $42.00 to $50.00 in a research note on Wednesday, February 4th. Finally, UBS Group set a $50.00 target price on Devon Energy in a research report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $45.97.

Devon Energy Stock Down 0.7%

The business has a 50 day simple moving average of $37.70 and a 200 day simple moving average of $35.45. The company has a market capitalization of $27.29 billion, a price-to-earnings ratio of 10.24, a PEG ratio of 3.83 and a beta of 0.61. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently bought and sold shares of the company. Huntington National Bank lifted its position in shares of Devon Energy by 13.3% during the fourth quarter. Huntington National Bank now owns 5,412 shares of the energy company’s stock worth $198,000 after purchasing an additional 634 shares in the last quarter. Arista Wealth Management LLC acquired a new stake in Devon Energy during the 4th quarter worth approximately $311,000. Kingsview Wealth Management LLC boosted its position in Devon Energy by 18.4% in the 4th quarter. Kingsview Wealth Management LLC now owns 21,062 shares of the energy company’s stock valued at $771,000 after buying an additional 3,272 shares during the period. Geode Capital Management LLC grew its stake in shares of Devon Energy by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after acquiring an additional 186,743 shares in the last quarter. Finally, Coordinated Financial Services Inc. increased its position in shares of Devon Energy by 18.2% during the fourth quarter. Coordinated Financial Services Inc. now owns 8,759 shares of the energy company’s stock worth $321,000 after acquiring an additional 1,350 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

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.