Devon Energy (NYSE:DVN) Price Target Lowered to $51.00 at Morgan Stanley

Devon Energy (NYSE:DVN) had its price objective cut by investment analysts at Morgan Stanley from $55.00 to $51.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Morgan Stanley’s price objective points to a potential upside of 29.21% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. Bank of America restated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research report on Friday, June 14th. Truist Financial decreased their target price on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, July 9th. Scotiabank decreased their target price on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Sanford C. Bernstein decreased their target price on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company decreased their target price on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 14th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $57.63.

Devon Energy Stock Performance

Shares of Devon Energy stock traded up $0.02 during trading on Monday, hitting $39.47. 3,525,401 shares of the stock were exchanged, compared to its average volume of 7,088,193. The stock has a market capitalization of $24.95 billion, a price-to-earnings ratio of 7.54, a price-to-earnings-growth ratio of 1.13 and a beta of 2.03. The company has a fifty day moving average price of $44.64 and a 200-day moving average price of $47.45. Devon Energy has a 1-year low of $39.02 and a 1-year high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the prior year, the business earned $1.18 EPS. Devon Energy’s quarterly revenue was up 13.4% on a year-over-year basis. As a group, equities analysts predict that Devon Energy will post 5.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently modified their holdings of the business. Salem Investment Counselors Inc. lifted its holdings in shares of Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after purchasing an additional 199 shares during the period. Retirement Group LLC lifted its holdings in shares of Devon Energy by 21.8% during the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after purchasing an additional 199 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Devon Energy by 7.4% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after purchasing an additional 209 shares during the period. MCF Advisors LLC lifted its holdings in shares of Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares during the period. Finally, Annex Advisory Services LLC raised its stake in Devon Energy by 0.8% during the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after buying an additional 223 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.