Morgan Stanley Has Lowered Expectations for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its target price reduced by research analysts at Morgan Stanley from $65.00 to $64.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Morgan Stanley‘s target price points to a potential upside of 51.00% from the stock’s current price.

A number of other research firms have also recently commented on DVN. Argus reissued a “buy” rating and issued a $45.85 target price on shares of Devon Energy in a research note on Monday, August 17th. Citigroup lifted their price target on Devon Energy from $65.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, August 31st. JPMorgan Chase & Co. upped their price target on shares of Devon Energy from $60.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, October 2nd. Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, October 3rd. Finally, Weiss Ratings upgraded shares of Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $60.49.

Devon Energy Stock Up 0.4%

Shares of Devon Energy stock traded up $0.17 during midday trading on Monday, hitting $42.38. The company had a trading volume of 4,999,695 shares, compared to its average volume of 12,852,606. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.65 and a current ratio of 0.70. The stock has a market capitalization of $46.62 billion, a P/E ratio of 10.59, a P/E/G ratio of 1.10 and a beta of 0.43. The company has a 50 day moving average of $48.64 and a 200 day moving average of $46.04. Devon Energy has a 52-week low of $33.34 and a 52-week high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Thursday, November 5th. The energy company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.09. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The business had revenue of $6.86 billion during the quarter, compared to analysts’ expectations of $6.57 billion. During the same quarter in the previous year, the business earned $1.04 earnings per share. The firm’s quarterly revenue was up 66.5% compared to the same quarter last year. On average, equities analysts predict that Devon Energy will post 5.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Robert Ferrall Lowe III sold 6,756 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the transaction, the executive vice president owned 72,720 shares of the company’s stock, valued at approximately $3,705,084. The trade was a 8.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Clay M. Gaspar bought 3,913 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was acquired at an average cost of $51.08 per share, with a total value of $199,876.04. Following the transaction, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. The trade was a 0.64% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 4.58% of the company’s stock.

Institutional Trading of Devon Energy

A number of large investors have recently made changes to their positions in DVN. Optas LLC purchased a new position in shares of Devon Energy during the third quarter valued at approximately $217,000. Traub Capital Management LLC bought a new position in Devon Energy during the third quarter valued at approximately $221,000. Ibex Wealth Advisors bought a new stake in Devon Energy in the 3rd quarter worth approximately $515,000. Allworth Financial LP grew its position in Devon Energy by 2.6% in the 3rd quarter. Allworth Financial LP now owns 30,448 shares of the energy company’s stock worth $1,402,000 after purchasing an additional 786 shares during the period. Finally, Fisher Asset Management LLC raised its stake in Devon Energy by 7.2% during the 3rd quarter. Fisher Asset Management LLC now owns 56,976 shares of the energy company’s stock valued at $2,623,000 after buying an additional 3,847 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

More Devon Energy News

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Devon reported third-quarter net earnings of $1.0 billion, or $0.88 per diluted share, and highlighted strong cash flow and portfolio changes. Its earnings call also pointed to stronger cash returns, providing potential support for investors. Read More. Read More.
• Positive Sentiment: Devon completed a $617.12 million share repurchase tranche, which can boost per-share value and signals capital returned to shareholders. Read More.
• Positive Sentiment: Truist raised its price target to $62 and maintained a Buy rating, indicating continued analyst optimism. Stifel Nicolaus and Scotiabank also issued Buy ratings. Read More. Read More. Read More.
• Neutral Sentiment: Susquehanna cut its target to $60 but kept a positive rating. The lower target tempers optimism, though the firm remains constructive. Read More.
• Negative Sentiment: Recent coverage describes a sharp pullback in Devon shares, and one earnings analysis noted lower earnings per share despite higher revenue and net income. That contrast may keep investors focused on valuation and the durability of results. Read More.
• Negative Sentiment: Barclays trimmed its price target, adding to near-term caution; the available report details do not specify the revised target or rating. Read More.

About Devon Energy

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market.

Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins.

The company’s portfolio has evolved through acquisitions and asset sales over its history.