Devon Energy (NYSE:DVN) Downgraded to “Hold” Rating by Truist Financial

Devon Energy (NYSE:DVN) was downgraded by research analysts at Truist Financial from a “buy” rating to a “hold” rating in a report issued on Thursday, MarketBeat reports. They presently have a $43.00 target price on the energy company’s stock, down from their prior target price of $49.00. Truist Financial’s target price would suggest a potential upside of 10.64% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Mizuho cut their price target on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Barclays decreased their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Benchmark restated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Finally, Jefferies Financial Group assumed coverage on Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price on the stock. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $51.80.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $38.87 on Thursday. Devon Energy has a 12-month low of $37.76 and a 12-month high of $55.09. The company’s 50 day moving average price is $40.48 and its two-hundred day moving average price is $44.89. The firm has a market cap of $24.34 billion, a PE ratio of 7.05, a PEG ratio of 1.20 and a beta of 2.03. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.65 earnings per share. Equities research analysts predict that Devon Energy will post 4.93 earnings per share for the current year.

Institutional Trading of Devon Energy

Several institutional investors have recently added to or reduced their stakes in DVN. Landscape Capital Management L.L.C. lifted its position in shares of Devon Energy by 177.4% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 25,566 shares of the energy company’s stock worth $1,000,000 after purchasing an additional 16,351 shares during the period. Grandfield & Dodd LLC lifted its holdings in Devon Energy by 0.5% in the third quarter. Grandfield & Dodd LLC now owns 300,866 shares of the energy company’s stock valued at $11,770,000 after buying an additional 1,438 shares during the period. Prospera Private Wealth LLC bought a new stake in Devon Energy during the third quarter valued at $711,000. Avior Wealth Management LLC grew its holdings in Devon Energy by 15.7% during the 3rd quarter. Avior Wealth Management LLC now owns 9,515 shares of the energy company’s stock worth $372,000 after acquiring an additional 1,293 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of Devon Energy by 14.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 174,495 shares of the energy company’s stock worth $6,826,000 after acquiring an additional 22,534 shares in the last quarter. 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.