Devon Energy (NYSE:DVN) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Last month Devon Energy’s shares have outperformed its industry. Devon Energy should benefit from strong performance by its Delaware and STACK assets, as well as high quality of other domestic oil plays. Devon’s focus on high-margin production zones, cost savings and divestment of non-core assets is boosting its performance. Thanks to solid oil production and the performance of its domestic oil assets, the company is well poised to deliver a significant increase in U.S. oil production. However, the company operates in a very highly competitive oil and gas industry, limited control over some of its properties and stringent regulations are headwinds. In addition, the falling oil prices is a concern.”
A number of other brokerages also recently weighed in on DVN. Morgan Stanley lowered their price target on Devon Energy from $44.00 to $39.00 and set a “hold” rating on the stock in a research report on Tuesday, November 20th. Stephens initiated coverage on Devon Energy in a research report on Thursday, December 6th. They set an “overweight” rating and a $50.00 price target on the stock. Piper Jaffray Companies reissued a “buy” rating on shares of Devon Energy in a research report on Monday, November 19th. Credit Suisse Group set a $45.00 price target on Devon Energy and gave the stock a “buy” rating in a research report on Wednesday, November 7th. Finally, Barclays downgraded Devon Energy from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $42.00 to $33.00 in a research report on Wednesday, January 16th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and sixteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $46.36.
Shares of NYSE DVN opened at $26.86 on Monday. The company has a market cap of $12.72 billion, a price-to-earnings ratio of 42.63, a price-to-earnings-growth ratio of 1.57 and a beta of 2.23. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.48 and a current ratio of 1.48. Devon Energy has a twelve month low of $20.37 and a twelve month high of $46.54.
Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 6th. The energy company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.21. The firm had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.61 billion. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. The business’s revenue was up 33.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.46 earnings per share. On average, analysts anticipate that Devon Energy will post 1.54 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Duncker Streett & Co. Inc. lifted its stake in Devon Energy by 40.5% during the fourth quarter. Duncker Streett & Co. Inc. now owns 1,600 shares of the energy company’s stock worth $36,000 after purchasing an additional 461 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Devon Energy by 3.1% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 21,332 shares of the energy company’s stock valued at $481,000 after acquiring an additional 636 shares during the last quarter. Westbourne Investment Advisors Inc. lifted its stake in shares of Devon Energy by 6.3% in the 4th quarter. Westbourne Investment Advisors Inc. now owns 11,749 shares of the energy company’s stock valued at $265,000 after acquiring an additional 699 shares during the last quarter. Hedeker Wealth LLC lifted its stake in shares of Devon Energy by 3.0% in the 4th quarter. Hedeker Wealth LLC now owns 24,736 shares of the energy company’s stock valued at $557,000 after acquiring an additional 712 shares during the last quarter. Finally, Brasada Capital Management LP lifted its stake in shares of Devon Energy by 5.8% in the 4th quarter. Brasada Capital Management LP now owns 13,349 shares of the energy company’s stock valued at $301,000 after acquiring an additional 734 shares during the last quarter. Hedge funds and other institutional investors own 82.59% 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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