Devon Energy (NYSE:DVN) Given New $59.00 Price Target at Morgan Stanley

Devon Energy (NYSE:DVN) had its price objective raised by stock analysts at Morgan Stanley from $46.00 to $59.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Morgan Stanley’s price target suggests a potential upside of 13.23% from the stock’s current price.

DVN has been the topic of a number of other reports. Roth Mkm restated a “buy” rating and set a $50.00 price objective on shares of Devon Energy in a research note on Thursday, February 19th. Raymond James Financial raised their target price on shares of Devon Energy from $44.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, February 11th. Zacks Research upgraded shares of Devon Energy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Jefferies Financial Group upped their price target on shares of Devon Energy from $36.00 to $44.00 in a research note on Monday, March 9th. Finally, Siebert Williams Shank raised their price objective on shares of Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.32.

Devon Energy Stock Performance

Shares of DVN traded up $0.76 during mid-day trading on Friday, reaching $52.11. 6,613,292 shares of the company’s stock traded hands, compared to its average volume of 13,745,926. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98. The business’s 50-day moving average price is $43.58 and its 200-day moving average price is $38.06. The stock has a market capitalization of $32.31 billion, a P/E ratio of 12.50, a price-to-earnings-growth ratio of 1.24 and a beta of 0.56. Devon Energy has a 12 month low of $25.89 and a 12 month high of $52.46.

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

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in DVN. Caldwell Trust Co acquired a new position in Devon Energy during the second quarter valued at $25,000. PFS Partners LLC purchased a new position in Devon Energy during the 3rd quarter valued at about $25,000. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Devon Energy in the 4th quarter valued at about $25,000. First Horizon Corp purchased a new stake in shares of Devon Energy in the third quarter worth approximately $26,000. Finally, Accredited Wealth Management LLC lifted its position in shares of Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after purchasing an additional 308 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

About Devon Energy

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.