Devon Energy (NYSE:DVN) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of Devon Energy (NYSE:DVN) from a hold rating to a strong-buy rating in a research note released on Tuesday morning,Zacks.com reports.

Several other equities analysts have also recently commented on the stock. Citigroup upped their target price on shares of Devon Energy from $44.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, March 30th. Roth Mkm restated a “buy” rating and set a $57.00 price objective on shares of Devon Energy in a report on Tuesday. Wolfe Research upped their price objective on shares of Devon Energy from $64.00 to $65.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. Argus increased their target price on shares of Devon Energy from $41.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Finally, Truist Financial assumed coverage on Devon Energy in a research report on Tuesday, March 24th. They set a “buy” rating and a $63.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.85.

Devon Energy Stock Performance

NYSE:DVN traded up $0.19 during mid-day trading on Tuesday, hitting $51.27. 4,000,442 shares of the company’s stock traded hands, compared to its average volume of 13,546,565. The firm has a 50 day moving average of $46.95 and a two-hundred day moving average of $40.31. Devon Energy has a 12 month low of $29.70 and a 12 month high of $52.71. The firm has a market capitalization of $31.84 billion, a price-to-earnings ratio of 12.29, a price-to-earnings-growth ratio of 0.83 and a beta of 0.47. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.81 by $0.01. The company had revenue of $4.12 billion for the quarter, compared to the consensus estimate of $3.67 billion. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The company’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.10 EPS. On average, equities analysts forecast that Devon Energy will post 5.18 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, March 13th. Devon Energy’s dividend payout ratio (DPR) is 23.02%.

Institutional Trading of Devon Energy

A number of large investors have recently bought and sold shares of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy in the fourth quarter worth about $25,000. First Horizon Corp bought a new stake in shares of Devon Energy during the third quarter worth approximately $26,000. Accredited Wealth Management LLC lifted its holdings in Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after buying an additional 308 shares during the period. Ameriflex Group Inc. boosted its stake in Devon Energy by 702.0% in the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after acquiring an additional 702 shares during the last quarter. Finally, MV Capital Management Inc. bought a new position in Devon Energy in the fourth quarter valued at approximately $29,000. 69.72% of the stock is currently owned by institutional investors.

More Devon Energy News

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Morgan Stanley raised its price target to $59 and kept an Overweight rating, signaling materially higher analyst conviction that’s likely supporting the stock. MarketScreener: Morgan Stanley raises DVN target
• Positive Sentiment: Zacks upgraded DVN from Hold to Strong Buy and added the stock to its Rank #1 lists (momentum/value), which can attract tactical flows and retail attention ahead of earnings. Zacks upgrade
• Positive Sentiment: Unusually large call-buying was reported (notable uptick in call volume), indicating bullish options positioning into catalysts (earnings/merger). (No article link available)
• Positive Sentiment: Short-term commodity tailwinds and merger progress: firmer crude prices and the expiration of the HSR waiting period on the Coterra deal have reduced a key closing hurdle and likely boosted investor positioning. QuiverQuant: oil, merger, earnings note
• Neutral Sentiment: Analyst consensus and Wall Street expectations for Q1: several pieces analyze metric-level estimates and suggest the company is positioned to beat on key items — useful context but outcome-dependent. Zacks: Q1 estimates
• Neutral Sentiment: Brokerage consensus remains a Buy on average; media pieces discuss whether Wall Street is bullish or bearish — helpful for positioning but not a direct catalyst. MSN: Wall Street sentiment on DVN
• Negative Sentiment: Governance and capital-allocation scrutiny: activist/shareholder pressure (e.g., Kimmeridge) around the structure and benefits of the pending all-stock Coterra merger introduces execution and strategic-risk uncertainty. Yahoo: upgrades and governance debate
• Negative Sentiment: Mixed institutional moves: Quiver/filing data show both large additions and sizeable reductions among funds (some big sellers), which can increase volatility around the stock while the merger and earnings are resolved. QuiverQuant: institutional moves

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.