Wolfe Research Upgrades Devon Energy to Outperform Rating

Wolfe Research has upgraded Devon Energy to an Outperform rating. The news indicates a positive outlook, with increasing institutional ownership, suggesting potential upward pressure on DVN's stock price.

Date: 04-01-2025

AI Rating: 7

Positive Upgrade and Increased Institutional Ownership

The report indicates that Wolfe Research has upgraded Devon Energy's outlook from Peer Perform to Outperform. This upgrade is likely to positively affect stock prices as analysts’ recommendations often influence investor sentiment.

Additionally, there is an increase in institutional ownership, with a total increase of 8.78% in shares owned by institutions to 571,632K shares. This increase highlights growing confidence among institutional investors, which can also lead to upward pressure on the stock price.

While some notable institutional investors like the Vanguard Total Stock Market Index Fund and Energy Select Sector SPDR Fund have reduced their allocations slightly, the overall trend of increasing institutional ownership signals a more favorable sentiment toward Devon Energy.

Overall, the combination of an analyst upgrade and an increase in institutional ownership suggests a potentially positive outlook for Devon Energy, which could lead to rising stock prices.

Stocks: DVN