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

Devon Energy (NYSE:DVN) had its target price dropped by Morgan Stanley from $55.00 to $51.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the energy company’s stock. Morgan Stanley’s target price would indicate a potential upside of 29.21% from the stock’s current price.

A number of other analysts have also commented on DVN. Wells Fargo & Company lowered their target price on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, August 14th. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Truist Financial lowered their target price on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a report on Tuesday, July 9th. Susquehanna lowered their target price on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Finally, Bank of America reissued a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a report on Friday, June 14th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $57.63.

Devon Energy Price Performance

DVN traded up $0.02 during midday trading on Monday, reaching $39.47. 3,525,401 shares of the company’s stock were exchanged, compared to its average volume of 7,088,193. Devon Energy has a one year low of $39.02 and a one year high of $55.09. The business has a 50-day simple moving average of $44.64 and a two-hundred day simple moving average of $47.45. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The firm 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.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (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 company had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the previous year, the company posted $1.18 earnings per share. Devon Energy’s quarterly revenue was up 13.4% compared to the same quarter last year. As a group, research analysts predict that Devon Energy will post 5.36 EPS for the current year.

Institutional Investors Weigh In On Devon Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC bought a new stake in Devon Energy during the 2nd quarter worth about $27,000. Tradewinds Capital Management LLC bought a new stake in Devon Energy during the 1st quarter worth about $30,000. Jones Financial Companies Lllp lifted its position in Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in Devon Energy during the 2nd quarter worth about $34,000. Finally, PSI Advisors LLC lifted its position in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

About Devon Energy

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.