Devon Energy (NYSE:DVN) Price Target Cut to $43.00

Devon Energy (NYSE:DVN) had its price objective dropped by Sanford C. Bernstein from $48.00 to $43.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “market perform” rating on the energy company’s stock. Sanford C. Bernstein’s target price indicates a potential downside of 11.58% from the stock’s current price.

Other research analysts have also issued reports about the stock. StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Tuesday, July 9th. Mizuho upped their target price on shares of Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Citigroup upped their target price on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Morgan Stanley boosted their price target on shares of Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Finally, Stifel Nicolaus boosted their price target on shares of Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.25.

Devon Energy Price Performance

Shares of DVN traded up $0.39 during mid-day trading on Wednesday, reaching $48.63. 4,702,110 shares of the stock traded hands, compared to its average volume of 7,262,200. The firm has a fifty day moving average price of $47.67 and a 200 day moving average price of $47.06. The company has a market cap of $30.73 billion, a price-to-earnings ratio of 9.28, a price-to-earnings-growth ratio of 1.24 and a beta of 2.07. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last announced its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same period in the previous year, the business earned $1.46 earnings per share. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. As a group, equities research analysts predict that Devon Energy will post 5.35 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Manchester Capital Management LLC bought a new position in Devon Energy in the fourth quarter worth approximately $28,000. Tradewinds Capital Management LLC bought a new position in Devon Energy in the first quarter worth approximately $30,000. Sound Income Strategies LLC raised its position in Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares during the period. Jones Financial Companies Lllp raised its position in Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares during the period. Finally, PFS Partners LLC bought a new position in Devon Energy in the fourth quarter worth approximately $36,000. 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.