Devon Energy (NYSE:DVN) Stock Rating Lowered by Truist Financial

Devon Energy (NYSE:DVN) was downgraded by Truist Financial from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, FinViz reports. They currently have a $43.00 price target on the energy company’s stock, down from their previous price target of $49.00. Truist Financial’s target price would suggest a potential upside of 7.47% from the company’s previous close.

DVN has been the subject of several other research reports. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. cut their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Mizuho decreased their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Piper Sandler cut their price target on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. Finally, StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Eleven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $51.85.

Devon Energy Stock Performance

NYSE DVN opened at $40.01 on Thursday. The business’s 50 day moving average price is $40.72 and its 200-day moving average price is $45.03. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The company has a market cap of $25.05 billion, a P/E ratio of 7.42, a P/E/G ratio of 1.18 and a beta of 2.03. 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 data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the business posted $1.65 earnings per share. The business’s revenue was up 4.9% compared to the same quarter last year. Sell-side analysts predict that Devon Energy will post 4.93 earnings per share for the current year.

Institutional Trading of Devon Energy

Several hedge funds have recently modified their holdings of DVN. Concord Asset Management LLC VA lifted its position in Devon Energy by 5.0% during the third quarter. Concord Asset Management LLC VA now owns 9,861 shares of the energy company’s stock valued at $386,000 after acquiring an additional 473 shares during the last quarter. Straight Path Wealth Management increased its position in shares of Devon Energy by 238.3% during the third quarter. Straight Path Wealth Management now owns 15,900 shares of the energy company’s stock worth $622,000 after purchasing an additional 11,200 shares in the last quarter. Maxwell Wealth Strategies Inc. lifted its holdings in shares of Devon Energy by 38.0% during the 3rd quarter. Maxwell Wealth Strategies Inc. now owns 40,494 shares of the energy company’s stock valued at $1,593,000 after purchasing an additional 11,159 shares during the last quarter. Empirical Finance LLC boosted its position in shares of Devon Energy by 2.7% in the 3rd quarter. Empirical Finance LLC now owns 20,602 shares of the energy company’s stock worth $806,000 after purchasing an additional 537 shares in the last quarter. Finally, Empowered Funds LLC increased its position in Devon Energy by 52.9% during the 3rd quarter. Empowered Funds LLC now owns 710,952 shares of the energy company’s stock valued at $27,812,000 after buying an additional 246,059 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other 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.