Truist Financial Downgrades Devon Energy (NYSE:DVN) to Hold

Devon Energy (NYSE:DVN - Get Free Report) was downgraded by equities research analysts at Truist Financial from a "buy" rating to a "hold" rating in a note issued to investors on Thursday, Marketbeat reports. They currently have a $43.00 target price on the energy company's stock, down from their prior target price of $49.00. Truist Financial's price objective would indicate a potential upside of 10.57% from the stock's current price.

Several other analysts also recently issued reports on DVN. Sanford C. Bernstein cut their target price on shares of Devon Energy from $48.00 to $43.00 and set a "market perform" rating on the stock in a research note on Wednesday, July 17th. Wolfe Research assumed coverage on Devon Energy in a research note on Thursday, July 18th. They issued a "peer perform" rating for the company. Wells Fargo & Company reaffirmed a "sector outperform" rating on shares of Devon Energy in a research note on Friday, October 18th. UBS Group reduced their price target on shares of Devon Energy from $53.00 to $47.00 and set a "neutral" rating for the company in a research report on Wednesday, September 18th. Finally, BMO Capital Markets dropped their price objective on shares of Devon Energy from $52.00 to $48.00 and set an "outperform" rating on the stock in a research note on Friday, October 4th. Eleven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $51.80.

Devon Energy Price Performance

Shares of DVN traded down $1.13 during trading hours on Thursday, hitting $38.89. 12,562,063 shares of the company were exchanged, compared to its average volume of 7,428,410. The firm has a fifty day simple moving average of $40.72 and a 200-day simple moving average of $45.03. The company has a market capitalization of $24.35 billion, a PE ratio of 7.12, a PEG ratio of 1.20 and a beta of 2.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. Devon Energy has a one year low of $37.76 and a one year high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company earned $1.65 EPS. The business's revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, sell-side analysts predict that Devon Energy will post 4.93 earnings per share for the current year.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds have recently bought and sold shares of the company. William B. Walkup & Associates Inc. bought a new position in Devon Energy during the second quarter worth $1,026,000. Gordian Capital Singapore Pte Ltd acquired a new stake in Devon Energy in the 2nd quarter worth $711,000. New York State Teachers Retirement System increased its holdings in shares of Devon Energy by 14.2% during the 3rd quarter. New York State Teachers Retirement System now owns 704,831 shares of the energy company's stock worth $27,573,000 after purchasing an additional 87,462 shares during the period. CWM LLC raised its position in shares of Devon Energy by 73.4% during the third quarter. CWM LLC now owns 38,969 shares of the energy company's stock valued at $1,524,000 after buying an additional 16,490 shares during the last quarter. Finally, J.W. Cole Advisors Inc. lifted its stake in shares of Devon Energy by 11.9% in the third quarter. J.W. Cole Advisors Inc. now owns 120,800 shares of the energy company's stock valued at $4,726,000 after buying an additional 12,882 shares during the period. 69.72% of the stock is currently owned by institutional investors.

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.