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

Devon Energy (NYSE:DVN - Get Free Report) was upgraded by equities researchers at Sanford C. Bernstein from a "market perform" rating to an "outperform" rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage presently has a $45.00 price target on the energy company's stock. Sanford C. Bernstein's target price indicates a potential upside of 17.13% from the company's previous close.

A number of other research analysts have also recently weighed in on DVN. Raymond James lowered their target price on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Truist Financial lowered their price objective on Devon Energy from $43.00 to $42.00 and set a "hold" rating on the stock in a research report on Monday. Barclays dropped their price objective on Devon Energy from $55.00 to $46.00 and set an "equal weight" rating for the company in a research note on Thursday, October 3rd. Evercore ISI decreased their target price on Devon Energy from $55.00 to $50.00 and set an "in-line" rating on the stock in a research note on Monday, September 30th. Finally, Susquehanna dropped their price target on Devon Energy from $63.00 to $62.00 and set a "positive" rating for the company in a research note on Friday, October 18th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $49.27.

Devon Energy Stock Performance

Shares of NYSE DVN traded down $0.01 during trading on Wednesday, hitting $38.42. The company had a trading volume of 8,465,958 shares, compared to its average volume of 11,322,614. Devon Energy has a 12 month low of $30.39 and a 12 month 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 firm has a market capitalization of $25.24 billion, a P/E ratio of 7.13, a price-to-earnings-growth ratio of 1.14 and a beta of 2.00. The stock has a 50 day simple moving average of $35.50 and a 200 day simple moving average of $40.40.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping 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 quarter last year, the business earned $1.65 EPS. The firm's revenue was up 4.9% compared to the same quarter last year. As a group, analysts anticipate that Devon Energy will post 4.72 earnings per share for the current year.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new stake 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 $39,000. True Wealth Design LLC raised its stake in shares of Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company's stock valued at $44,000 after acquiring an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. lifted its holdings in shares of Devon Energy by 29.8% in the 3rd 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 during the last quarter. Finally, Activest Wealth Management boosted its stake in shares of Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company's stock worth $50,000 after purchasing an additional 480 shares during the period. Hedge funds and other 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.