Morgan Stanley Lowers Devon Energy (NYSE:DVN) Price Target to $31.00

Devon Energy (NYSE:DVN) had its price objective lowered by investment analysts at Morgan Stanley from $32.00 to $31.00 in a research report issued to clients and investors on Friday, BenzingaRatingsTable reports. The firm currently has an “equal weight” rating on the energy company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 8.20% from the stock’s current price.

Several other analysts also recently weighed in on DVN. Zacks Investment Research downgraded Genprex from a “hold” rating to a “sell” rating in a research report on Thursday, April 18th. Seaport Global Securities reiterated a “buy” rating on shares of W&T Offshore in a research report on Friday, June 21st. ValuEngine downgraded Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. Piper Jaffray Companies set a $360.00 target price on Ulta Beauty and gave the stock a “buy” rating in a research report on Friday, May 31st. Finally, Barclays set a $325.00 target price on Align Technology and gave the stock a “buy” rating in a research report on Thursday, April 11th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $44.25.

NYSE:DVN opened at $28.65 on Friday. Devon Energy has a twelve month low of $20.37 and a twelve month high of $45.61. The company has a market capitalization of $11.90 billion, a P/E ratio of 22.21, a price-to-earnings-growth ratio of 2.10 and a beta of 2.27. The stock’s fifty day simple moving average is $27.07. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.37 and a current ratio of 1.37.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, April 30th. The energy company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.06. Devon Energy had a return on equity of 7.12% and a net margin of 29.33%. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same period last year, the company earned $0.20 earnings per share. On average, analysts forecast that Devon Energy will post 1.7 EPS for the current fiscal year.

In other Devon Energy news, CAO Jeremy D. Humphers sold 4,000 shares of Devon Energy stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $25.40, for a total value of $101,600.00. Following the transaction, the chief accounting officer now owns 81,914 shares in the company, valued at $2,080,615.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.63% of the stock is owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Meeder Asset Management Inc. grew its stake in Devon Energy by 94.6% in the first quarter. Meeder Asset Management Inc. now owns 823 shares of the energy company’s stock valued at $26,000 after purchasing an additional 400 shares during the last quarter. Lavaca Capital LLC grew its stake in Devon Energy by 566.0% in the first quarter. Lavaca Capital LLC now owns 1,332 shares of the energy company’s stock valued at $42,000 after purchasing an additional 1,132 shares during the last quarter. Signaturefd LLC grew its stake in Devon Energy by 46.0% in the first quarter. Signaturefd LLC now owns 2,569 shares of the energy company’s stock valued at $81,000 after purchasing an additional 809 shares during the last quarter. Mizuho Securities Co. Ltd. grew its stake in Devon Energy by 100.0% in the first quarter. Mizuho Securities Co. Ltd. now owns 3,000 shares of the energy company’s stock valued at $95,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Osborn Williams & Donohoe LLC purchased a new position in Devon Energy in the first quarter valued at about $129,000. Institutional investors own 84.06% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Analyst Recommendations for Devon Energy (NYSE:DVN)

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