Devon Energy (NYSE:DVN) Sets New 12-Month High on Analyst Upgrade

Devon Energy Corporation (NYSE:DVN)’s share price hit a new 52-week high during mid-day trading on Tuesday after Raymond James Financial raised their price target on the stock from $44.00 to $52.00. Raymond James Financial currently has an outperform rating on the stock. Devon Energy traded as high as $44.02 and last traded at $43.51, with a volume of 7806793 shares trading hands. The stock had previously closed at $43.81.

A number of other analysts have also recently commented on the company. UBS Group set a $50.00 price objective on Devon Energy in a research report on Wednesday, February 4th. Citigroup lifted their price target on shares of Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, December 17th. Weiss Ratings upgraded shares of Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, January 28th. Susquehanna increased their price objective on shares of Devon Energy from $45.00 to $47.00 and gave the company a “positive” rating in a report on Tuesday, February 3rd. Finally, Barclays upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $42.00 to $50.00 in a research report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.24.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently modified their holdings of DVN. Woodline Partners LP raised its holdings in Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after acquiring an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Devon Energy in the second quarter valued at approximately $403,000. Vontobel Holding Ltd. grew its position in shares of Devon Energy by 27.3% in the second quarter. Vontobel Holding Ltd. now owns 7,427 shares of the energy company’s stock valued at $236,000 after purchasing an additional 1,592 shares in the last quarter. Aberdeen Group plc increased its holdings in shares of Devon Energy by 2.9% in the second quarter. Aberdeen Group plc now owns 351,680 shares of the energy company’s stock valued at $11,187,000 after purchasing an additional 10,001 shares during the last quarter. Finally, CWM LLC lifted its position in Devon Energy by 124.3% during the second quarter. CWM LLC now owns 198,144 shares of the energy company’s stock worth $6,303,000 after buying an additional 109,787 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

The stock has a 50-day moving average of $38.10 and a 200 day moving average of $35.65. The stock has a market cap of $27.59 billion, a PE ratio of 10.35, a P/E/G ratio of 3.95 and a beta of 0.61. The company has a quick ratio of 0.87, a current ratio of 0.96 and a debt-to-equity ratio of 0.48.

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.