Morgan Stanley Reaffirms Their Buy Rating on Devon Energy (DVN)

In a report released today, Devin McDermott from Morgan Stanley maintained a Buy rating on Devon Energy (DVN – Research Report), with a price target of $52.00. The company’s shares opened today at $39.46.

McDermott covers the Energy sector, focusing on stocks such as Exxon Mobil, APA, and Coterra Energy. According to TipRanks, McDermott has an average return of 9.9% and a 57.05% success rate on recommended stocks.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Devon Energy with a $50.75 average price target, implying a 28.61% upside from current levels. In a report released on November 18, Piper Sandler also maintained a Buy rating on the stock with a $57.00 price target.

Based on Devon Energy’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $4.02 billion and a net profit of $812 million. In comparison, last year the company earned a revenue of $3.84 billion and had a net profit of $910 million

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Devon Energy (DVN) Company Description:

Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It operates through the following geographical segments: U.S., Canada, and EnLink. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.