Morgan Stanley Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its price target lifted by Morgan Stanley from $46.00 to $59.00 in a research note released on Friday,Benzinga reports. They currently have an overweight rating on the energy company’s stock.

Several other research firms have also commented on DVN. Raymond James Financial lifted their price target on Devon Energy from $44.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 11th. JPMorgan Chase & Co. lowered their price objective on Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, January 15th. Wolfe Research lifted their target price on Devon Energy from $58.00 to $64.00 in a report on Monday, March 9th. Wells Fargo & Company boosted their target price on Devon Energy from $43.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. Finally, Truist Financial assumed coverage on Devon Energy in a report on Tuesday. They set a “buy” rating and a $63.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $50.32.

Devon Energy Price Performance

DVN stock opened at $52.05 on Friday. Devon Energy has a 52 week low of $25.89 and a 52 week high of $52.46. The firm has a market capitalization of $32.27 billion, a P/E ratio of 12.48, a price-to-earnings-growth ratio of 1.18 and a beta of 0.56. The company has a fifty day simple moving average of $43.90 and a two-hundred day simple moving average of $38.18. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. The firm had revenue of $4.12 billion for the quarter, compared to the consensus estimate of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The business’s quarterly revenue was down 6.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.10 EPS. Analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, March 13th. Devon Energy’s dividend payout ratio is currently 23.02%.

Institutional Trading of Devon Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. grew its stake in Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock worth $233,953,000 after purchasing an additional 6,097,658 shares in the last quarter. Panagora Asset Management Inc. lifted its holdings in shares of Devon Energy by 42,376.5% in the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after buying an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC lifted its holdings in shares of Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after buying an additional 3,195,862 shares during the period. AQR Capital Management LLC grew its position in shares of Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after buying an additional 2,802,137 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Devon Energy by 608.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company’s stock valued at $98,721,000 after buying an additional 2,314,843 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.