Devon Energy (NYSE:DVN) Upgraded by Wall Street Zen to Buy Rating

Devon Energy (NYSE:DVN) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

A number of other equities analysts have also weighed in on DVN. Citigroup lifted their price target on shares of Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Susquehanna lifted their price target on shares of Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a report on Tuesday, April 21st. Wells Fargo & Company lifted their price target on shares of Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target on the stock in a report on Wednesday. Finally, TD Cowen lifted their price target on shares of Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a report on Tuesday, March 17th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.67.

Devon Energy Stock Up 1.5%

DVN stock opened at $45.26 on Friday. The stock has a market capitalization of $28.13 billion, a P/E ratio of 12.61 and a beta of 0.37. The company has a 50 day moving average price of $47.04 and a two-hundred day moving average price of $43.09. Devon Energy has a one year low of $31.45 and a one year high of $52.71. 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 (NYSE:DVN) last announced its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.82 EPS. As a group, sell-side analysts expect that Devon Energy will post 4.72 EPS for the current year.

Insider Activity at Devon Energy

In related news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors have recently added to or reduced their stakes in the company. Pine Valley Investments Ltd Liability Co lifted its holdings in Devon Energy by 467.3% in the 1st quarter. Pine Valley Investments Ltd Liability Co now owns 51,553 shares of the energy company’s stock worth $2,594,000 after buying an additional 42,465 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Devon Energy by 21.3% in the 1st quarter. Parallel Advisors LLC now owns 19,754 shares of the energy company’s stock worth $994,000 after buying an additional 3,469 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Devon Energy by 13.6% in the 1st quarter. NewEdge Advisors LLC now owns 130,940 shares of the energy company’s stock worth $6,589,000 after buying an additional 15,705 shares in the last quarter. Financial Solutions Advisory Group Inc. acquired a new position in Devon Energy in the 1st quarter worth $230,000. Finally, Cozad Asset Management Inc. lifted its holdings in Devon Energy by 11.3% in the 1st quarter. Cozad Asset Management Inc. now owns 68,945 shares of the energy company’s stock worth $3,469,000 after buying an additional 7,000 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.