Devon Energy (NYSE:DVN) Raised to Outperform at Sanford C. Bernstein

Devon Energy (NYSE:DVN) was upgraded by equities researchers at Sanford C. Bernstein from a “market perform” rating to an “outperform” rating in a research note issued on Wednesday,Briefing.com Automated Import reports. The firm presently has a $45.00 price target on the energy company’s stock. Sanford C. Bernstein’s price target would suggest a potential upside of 20.90% from the company’s current price.

A number of other equities analysts have also commented on DVN. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. UBS Group reduced their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Truist Financial dropped their price target on Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Monday. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. Finally, JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a research report on Thursday, December 5th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $49.27.

Devon Energy Trading Up 1.2 %

Shares of DVN opened at $37.22 on Wednesday. The firm has a market cap of $24.45 billion, a P/E ratio of 6.91, a price-to-earnings-growth ratio of 1.07 and a beta of 2.00. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The business has a 50-day moving average of $35.58 and a 200 day moving average of $40.49.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. 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 prior year, the company posted $1.65 EPS. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. As a group, research analysts forecast that Devon Energy will post 4.79 EPS for the current year.

Institutional Trading of Devon Energy

Large investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its position in Devon Energy by 0.5% in the second quarter. Envestnet Asset Management Inc. now owns 315,446 shares of the energy company’s stock worth $14,952,000 after acquiring an additional 1,591 shares in the last quarter. Citizens Financial Group Inc. RI raised its stake in shares of Devon Energy by 13.4% in the second quarter. Citizens Financial Group Inc. RI now owns 10,752 shares of the energy company’s stock valued at $510,000 after acquiring an additional 1,272 shares during the period. Lmcg Investments LLC lifted its holdings in shares of Devon Energy by 13.0% in the 2nd quarter. Lmcg Investments LLC now owns 51,993 shares of the energy company’s stock worth $2,464,000 after acquiring an additional 5,973 shares during the last quarter. Edgestream Partners L.P. bought a new position in Devon Energy during the 2nd quarter valued at about $342,000. Finally, Axxcess Wealth Management LLC raised its position in Devon Energy by 116.7% in the 2nd quarter. Axxcess Wealth Management LLC now owns 14,737 shares of the energy company’s stock worth $699,000 after purchasing an additional 7,937 shares during the period. Institutional investors own 69.72% of the company’s stock.

About Devon Energy

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.