Morgan Stanley Lowers Devon Energy (DVN) Price Target to $44.00

Devon Energy (NYSE:DVN) had its target price dropped by equities researchers at Morgan Stanley from $45.00 to $44.00 in a research report issued to clients and investors on Wednesday. The firm presently has a “hold” rating on the energy company’s stock. Morgan Stanley’s price objective suggests a potential upside of 10.89% from the company’s previous close.

A number of other analysts have also weighed in on DVN. M Partners raised their target price on Devon Energy to $44.00 and gave the company a “neutral” rating in a research note on Friday, June 8th. B. Riley raised their target price on Devon Energy from $37.00 to $47.00 and gave the company a “neutral” rating in a research note on Monday, June 11th. Zacks Investment Research upgraded Devon Energy from a “hold” rating to a “strong-buy” rating and set a $48.00 price target on the stock in a report on Monday, June 18th. ValuEngine upgraded Devon Energy from a “hold” rating to a “buy” rating in a report on Wednesday, June 27th. Finally, Royal Bank of Canada reaffirmed a “buy” rating on shares of Devon Energy in a research report on Friday, July 13th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $50.18.

Shares of NYSE DVN opened at $39.68 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.65 and a quick ratio of 1.65. The stock has a market capitalization of $21.07 billion, a price-to-earnings ratio of 62.98, a price-to-earnings-growth ratio of 3.61 and a beta of 2.24. Devon Energy has a twelve month low of $29.83 and a twelve month high of $46.54.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $3.96 billion. Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. During the same period in the previous year, the company earned $0.80 EPS. equities research analysts forecast that Devon Energy will post 1.64 EPS for the current year.

Devon Energy announced that its board has authorized a share repurchase plan on Wednesday, June 6th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the energy company to repurchase up to 14.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

In other news, Director Robert H. Henry sold 5,600 shares of the company’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total transaction of $235,984.00. Following the completion of the sale, the director now directly owns 9,704 shares in the company, valued at approximately $408,926.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in shares of Devon Energy by 0.5% during the 2nd quarter. BlackRock Inc. now owns 48,631,367 shares of the energy company’s stock worth $2,137,835,000 after buying an additional 235,109 shares in the last quarter. FMR LLC raised its holdings in shares of Devon Energy by 11.1% during the 2nd quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock worth $517,962,000 after buying an additional 1,173,389 shares in the last quarter. Diamond Hill Capital Management Inc. raised its holdings in shares of Devon Energy by 16.7% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 9,201,696 shares of the energy company’s stock worth $404,507,000 after buying an additional 1,316,231 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Devon Energy by 4.7% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,496,237 shares of the energy company’s stock valued at $206,515,000 after buying an additional 293,877 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Devon Energy by 4.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,669,095 shares of the energy company’s stock valued at $161,278,000 after purchasing an additional 161,232 shares in the last quarter. 83.99% of the stock is owned by institutional investors.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

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