Sanford C. Bernstein Upgrades Devon Energy (NYSE:DVN) to “Outperform”

Devon Energy (NYSE:DVN) was upgraded by equities research analysts at Sanford C. Bernstein from a “market perform” rating to an “outperform” rating in a report issued on Wednesday, MarketBeat.com reports. The firm presently has a $45.00 price target on the energy company’s stock. Sanford C. Bernstein’s target price would suggest a potential upside of 17.13% from the stock’s previous close.

Other analysts have also issued research reports about the company. Susquehanna lowered their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a report on Friday, October 18th. BMO Capital Markets lowered their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Evercore ISI decreased their price objective on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. Barclays dropped their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Finally, TD Cowen cut their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $49.27.

Devon Energy Trading Down 0.0 %

Shares of Devon Energy stock opened at $38.42 on Wednesday. Devon Energy has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average price of $35.50 and a 200-day moving average price of $40.40. The firm has a market cap of $25.24 billion, a price-to-earnings ratio of 7.13, a PEG ratio of 1.14 and a beta of 2.00.

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, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the firm posted $1.65 earnings per share. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities research analysts anticipate that Devon Energy will post 4.72 EPS for the current fiscal year.

Institutional Trading of Devon Energy

Several hedge funds have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP bought a new position in Devon Energy during the 3rd quarter valued at $35,000. Future Financial Wealth Managment LLC bought a new position in Devon Energy during the third quarter valued at about $39,000. True Wealth Design LLC grew its holdings in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after acquiring an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. raised its position in Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after acquiring an additional 290 shares in the last quarter. Finally, Activest Wealth Management lifted its holdings in Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after acquiring an additional 480 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

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.