Devon Energy (NYSE:DVN) was upgraded by research analysts at Seaport Global Securities from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday, MarketBeat.com reports.
Several other equities analysts have also issued reports on the stock. Credit Suisse Group assumed coverage on shares of Devon Energy in a report on Monday, December 11th. They set an “outperform” rating and a $43.00 target price for the company. Citigroup reiterated a “buy” rating and set a $44.00 target price on shares of Devon Energy in a report on Tuesday, November 28th. Scotiabank set a $50.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a report on Saturday, November 25th. Piper Jaffray Companies restated a “hold” rating and issued a $38.00 price objective on shares of Devon Energy in a report on Friday, November 24th. Finally, Barclays lifted their target price on shares of Devon Energy from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Monday, November 20th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and fifteen have given a buy rating to the company’s stock. Devon Energy currently has a consensus rating of “Buy” and a consensus price target of $45.39.
Devon Energy (NYSE:DVN) traded up $0.38 during trading on Tuesday, reaching $38.06. The company’s stock had a trading volume of 5,318,400 shares, compared to its average volume of 4,767,635. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.63 and a current ratio of 1.63. The company has a market cap of $20,370.00, a PE ratio of 25.80, a price-to-earnings-growth ratio of 1.18 and a beta of 2.21. Devon Energy has a fifty-two week low of $28.79 and a fifty-two week high of $49.45.
In related news, EVP Lyndon C. Taylor sold 12,798 shares of the company’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total value of $490,035.42. Following the completion of the transaction, the executive vice president now owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.51% of the company’s stock.
A number of hedge funds have recently made changes to their positions in DVN. Strs Ohio lifted its stake in Devon Energy by 6.3% in the 2nd quarter. Strs Ohio now owns 14,778 shares of the energy company’s stock worth $472,000 after purchasing an additional 882 shares in the last quarter. Global X Management Co. LLC raised its position in shares of Devon Energy by 12.5% during the 2nd quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock valued at $145,000 after buying an additional 503 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Devon Energy by 4.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,953,530 shares of the energy company’s stock valued at $62,455,000 after buying an additional 87,912 shares in the last quarter. Dupont Capital Management Corp purchased a new stake in shares of Devon Energy during the 2nd quarter valued at about $184,000. Finally, State of Wisconsin Investment Board raised its position in shares of Devon Energy by 14.4% during the 2nd quarter. State of Wisconsin Investment Board now owns 340,294 shares of the energy company’s stock valued at $10,879,000 after buying an additional 42,720 shares in the last quarter. Institutional investors and hedge funds own 77.43% of the company’s stock.
About Devon Energy
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
