Jefferies Financial Group Begins Coverage on Devon Energy (NYSE:DVN)

Equities researchers at Jefferies Financial Group initiated coverage on shares of Devon Energy (NYSE:DVN) in a research note issued on Thursday, Marketbeat Ratings reports. The firm set a “hold” rating and a $45.00 price target on the energy company’s stock. Jefferies Financial Group’s target price points to a potential upside of 6.11% from the company’s current price.

A number of other equities analysts have also recently commented on DVN. Susquehanna decreased their price target on Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Piper Sandler dropped their price target on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Finally, Truist Financial dropped their price target on Devon Energy from $60.00 to $49.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Eight equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.79.

Devon Energy Trading Up 1.5 %

Shares of DVN opened at $42.41 on Thursday. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The firm has a market cap of $26.80 billion, a price-to-earnings ratio of 8.09, a PEG ratio of 1.22 and a beta of 2.02. The firm has a 50 day moving average price of $42.74 and a 200-day moving average price of $46.87. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.90 billion. During the same period in the previous year, the firm posted $1.18 earnings per share. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, equities research analysts forecast that Devon Energy will post 5.11 earnings per share for the current year.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of the business. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy in the second quarter worth approximately $27,000. Tradewinds Capital Management LLC bought a new stake in Devon Energy in the 1st quarter worth approximately $30,000. 1620 Investment Advisors Inc. purchased a new stake in Devon Energy during the 2nd quarter valued at $34,000. Jones Financial Companies Lllp lifted its holdings in shares of Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares during the period. Finally, PSI Advisors LLC boosted its stake in shares of Devon Energy by 66.7% in 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 during the last quarter. Institutional investors 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.