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

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

A number of other research firms have also recently commented on DVN. Raymond James reduced their price objective on Devon Energy from $58.00 to $51.00 in a research report on Tuesday. TD Cowen cut their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday. Wolfe Research initiated coverage on shares of Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Piper Sandler cut their target price on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. Finally, Evercore ISI decreased their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $51.85.

Devon Energy Price Performance

DVN opened at $40.01 on Thursday. The company’s 50-day simple moving average is $40.72 and its two-hundred day simple moving average is $45.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The stock has a market capitalization 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. Devon Energy has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last issued 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 company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the firm earned $1.65 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, analysts predict that Devon Energy will post 4.93 EPS for the current year.

Institutional Trading of Devon Energy

Several hedge funds have recently bought and sold shares of DVN. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy in the second quarter worth about $27,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Devon Energy during the 2nd quarter worth approximately $34,000. PSI Advisors LLC boosted its position in shares of Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the last quarter. LRI Investments LLC purchased a new position in shares of Devon Energy in the first quarter valued at $39,000. Finally, Manchester Capital Management LLC increased its position in Devon Energy by 40.9% in the first quarter. Manchester Capital Management LLC now owns 861 shares of the energy company’s stock worth $43,000 after purchasing an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.