Devon Energy (NYSE:DVN) Stock Rating Upgraded by Sanford C. Bernstein

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

Several other equities analysts also recently commented on the stock. UBS Group dropped their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Wells Fargo & Company reduced their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price for the company. in a research report on Thursday, December 5th. Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a report on Tuesday. Finally, Truist Financial cut their target price on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a report on Monday. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $49.27.

Devon Energy Trading Up 1.2 %

Shares of Devon Energy stock opened at $37.22 on Wednesday. Devon Energy has a 52-week low of $30.39 and a 52-week high of $55.09. The stock has a market cap of $24.45 billion, a PE ratio of 6.91, a PEG ratio of 1.07 and a beta of 2.00. The firm has a 50-day moving average of $35.58 and a 200-day moving average of $40.49. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the firm posted $1.65 earnings per share. As a group, sell-side analysts forecast that Devon Energy will post 4.79 EPS for the current year.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC grew its stake in shares of Devon Energy by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after acquiring an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. bought a new stake in Devon Energy in the 3rd quarter worth about $461,857,000. Pacer Advisors Inc. lifted its position in shares of Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after buying an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC purchased a new position in shares of Devon Energy in the 3rd quarter worth approximately $408,653,000. Finally, Victory Capital Management Inc. grew its holdings in shares of Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after acquiring an additional 361,968 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.