Devon Energy (NYSE:DVN) Coverage Initiated by Analysts at Evercore

Equities research analysts at Evercore assumed coverage on shares of Devon Energy (NYSE:DVN) in a research report issued on Friday. The firm set an “in-line” rating and a $54.00 price target on the energy company’s stock. Evercore’s price objective would suggest a potential upside of 14.29% from the company’s previous close.

Other research analysts also recently issued reports about the company. Susquehanna boosted their price target on Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a report on Tuesday, April 21st. Benchmark reaffirmed a “buy” rating on shares of Devon Energy in a report on Friday, January 16th. Morgan Stanley increased their price target on shares of Devon Energy from $46.00 to $59.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Weiss Ratings raised shares of Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, January 28th. Finally, Tudor Pickering upgraded Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 20th. Four research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.41.

Devon Energy Price Performance

NYSE:DVN opened at $47.25 on Friday. The firm’s fifty day moving average is $47.63 and its two-hundred day moving average is $41.32. The firm has a market cap of $29.36 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 0.75 and a beta of 0.43. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. Devon Energy has a one year low of $30.24 and a one year high of $52.71.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same period last year, the firm earned $0.82 EPS. The business’s quarterly revenue was down 14.5% compared to the same quarter last year. Research analysts expect that Devon Energy will post 5.39 EPS for the current year.

Insider Activity at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the transaction, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.71% of the stock is owned by corporate insiders.

Institutional Trading of Devon Energy

A number of institutional investors have recently made changes to their positions in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in Devon Energy in the 4th quarter valued at $25,000. First Horizon Corp purchased a new stake in shares of Devon Energy during the third quarter worth $26,000. SouthState Bank Corp raised its position in shares of Devon Energy by 173.6% in the first quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock valued at $39,000 after buying an additional 486 shares during the last quarter. MV Capital Management Inc. purchased a new position in shares of Devon Energy in the fourth quarter worth about $29,000. Finally, Garton & Associates Financial Advisors LLC purchased a new position in shares of Devon Energy in the fourth quarter worth about $29,000. 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.