Devon Energy (DVN) Coverage Initiated by Analysts at Stephens

Stephens started coverage on shares of Devon Energy (NYSE:DVN) in a note issued to investors on Thursday, MarketBeat.com reports. The brokerage set an “overweight” rating and a $50.00 price target on the energy company’s stock. Stephens’ price objective suggests a potential upside of 83.82% from the company’s current price.

A number of other equities research analysts also recently issued reports on the company. Piper Jaffray Companies raised Devon Energy from a “neutral” rating to an “overweight” rating in a research report on Thursday, September 27th. Johnson Rice raised Devon Energy from an “accumulate” rating to a “buy” rating in a research report on Wednesday, August 15th. TheStreet downgraded Devon Energy from a “c-” rating to a “d+” rating in a research report on Friday, November 2nd. Morgan Stanley lowered their price target on Devon Energy from $45.00 to $44.00 and set a “hold” rating for the company in a research report on Wednesday, September 26th. Finally, Capital One Financial raised Devon Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, October 24th. They noted that the move was a valuation call. Ten investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Devon Energy presently has an average rating of “Buy” and an average price target of $47.22.

DVN stock opened at $27.20 on Thursday. Devon Energy has a 12-month low of $25.87 and a 12-month high of $46.54. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.65. The stock has a market cap of $12.99 billion, a price-to-earnings ratio of 43.17, a PEG ratio of 1.41 and a beta of 2.26.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 6th. The energy company reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.21. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. The firm had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter in the previous year, the business earned $0.46 earnings per share. The firm’s quarterly revenue was up 33.4% compared to the same quarter last year. On average, research analysts anticipate that Devon Energy will post 1.57 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of DVN. Dupont Capital Management Corp lifted its stake in shares of Devon Energy by 37.6% in the second quarter. Dupont Capital Management Corp now owns 6,413 shares of the energy company’s stock worth $282,000 after acquiring an additional 1,753 shares in the last quarter. Alps Advisors Inc. acquired a new position in shares of Devon Energy in the second quarter worth about $605,000. Commonwealth Equity Services LLC lifted its stake in shares of Devon Energy by 103.5% in the second quarter. Commonwealth Equity Services LLC now owns 92,764 shares of the energy company’s stock worth $4,078,000 after acquiring an additional 47,183 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of Devon Energy by 5.0% in the second quarter. First Trust Advisors LP now owns 918,944 shares of the energy company’s stock worth $40,397,000 after acquiring an additional 43,671 shares in the last quarter. Finally, Fiera Capital Corp lifted its stake in shares of Devon Energy by 20.4% in the second quarter. Fiera Capital Corp now owns 13,013 shares of the energy company’s stock worth $572,000 after acquiring an additional 2,205 shares in the last quarter. Institutional investors own 82.99% of the company’s stock.

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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Analyst Recommendations for Devon Energy (NYSE:DVN)

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