Devon Energy (NYSE:DVN) Upgraded by The Goldman Sachs Group to Strong-Buy Rating

Devon Energy (NYSE:DVN) was upgraded by investment analysts at The Goldman Sachs Group to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Several other research firms also recently issued reports on DVN. Wells Fargo & Company boosted their price objective on Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Truist Financial raised their target price on Devon Energy from $63.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 1st. JPMorgan Chase & Co. assumed coverage on Devon Energy in a research report on Monday, June 8th. They issued an “overweight” rating and a $62.00 target price for the company. Sanford C. Bernstein boosted their price target on shares of Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Finally, Royal Bank Of Canada boosted their price target on shares of Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 8th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $58.96.

Devon Energy Stock Down 1.5%

Devon Energy stock opened at $42.72 on Tuesday. The company has a market capitalization of $26.54 billion, a PE ratio of 11.90 and a beta of 0.37. 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 fifty-two week low of $31.45 and a fifty-two week high of $52.71. The firm has a 50 day moving average price of $46.10 and a 200 day moving average price of $43.47.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter last year, the company earned $0.82 earnings per share. The firm’s revenue for the quarter was down 14.5% on a year-over-year basis. Research analysts expect that Devon Energy will post 4.97 earnings per share for the current year.

Insider Buying and Selling

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the sale, the senior vice president owned 130,540 shares of the company’s stock, valued at $6,162,793.40. This trade represents a 15.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 112,371 shares of company stock valued at $5,258,059 in the last three months. 4.58% of the stock is owned by corporate insiders.

Institutional Trading of Devon Energy

A number of large investors have recently made changes to their positions in the company. Pacer Advisors Inc. raised its holdings in Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after acquiring an additional 6,097,658 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in Devon Energy by 42,376.5% during the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after acquiring an additional 3,600,731 shares in the last quarter. Kimmeridge Energy Management Company LLC increased its position in shares of Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after purchasing an additional 3,195,862 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Devon Energy by 78.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after purchasing an additional 2,802,137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Devon Energy by 92.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock valued at $260,692,000 after purchasing an additional 2,485,603 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy News Roundup

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

• Neutral Sentiment: Devon announced the final results of its private exchange offers and consent solicitations for existing Coterra Energy notes, with settlement expected on or about June 25. The company said strong participation in several note series should help reshape its debt profile, which may support financial flexibility over time. Article link
• Neutral Sentiment: Investor commentary noted that Devon has been moving with the energy sector as crude oil prices fell to their lowest level since the start of recent Middle East tensions eased. Lower oil prices are a headwind for upstream producers like DVN because they can reduce expected cash flow and earnings. Article link
• Neutral Sentiment: Devon also participated in the J.P. Morgan Energy, Power & Renewables Conference, but the available information does not indicate any major new guidance or catalyst from that event. Article link
• Neutral Sentiment: Analyst tone remains generally constructive overall, with recent reports including an “Overweight” rating from Morgan Stanley and a median price target above the current trading range, which may help limit downside sentiment. Article link
• Negative Sentiment: Devon’s stock also reacted to a broader selloff in oil and gas names after crude prices weakened, a direct negative for DVN and other energy producers. Article link

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.