Sanford C. Bernstein Issues Positive Forecast for Devon Energy (NYSE:DVN) Stock Price

Devon Energy (NYSE:DVN) had its target price upped by equities researchers at Sanford C. Bernstein from $43.00 to $48.00 in a research report issued on Friday,MarketScreener reports. The firm presently has an “outperform” rating on the energy company’s stock. Sanford C. Bernstein’s target price points to a potential upside of 34.72% from the stock’s previous close.

A number of other analysts have also recently commented on DVN. Piper Sandler lowered their price objective on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday. Capital One Financial dropped their price target on Devon Energy from $52.00 to $51.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. Barclays decreased their price objective on Devon Energy from $42.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 7th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Devon Energy in a research note on Wednesday. Finally, Susquehanna increased their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “positive” rating in a research report on Wednesday, November 12th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $43.89.

Devon Energy Trading Up 1.3%

NYSE DVN opened at $35.63 on Friday. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. Devon Energy has a 12 month low of $25.89 and a 12 month high of $39.65. The company has a market capitalization of $22.35 billion, a PE ratio of 7.99, a P/E/G ratio of 2.49 and a beta of 1.01. The stock has a 50-day simple moving average of $33.97 and a 200 day simple moving average of $33.53.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. The business had revenue of $0.00 million for the quarter, compared to the consensus estimate of $4.10 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. During the same period last year, the company posted $1.10 EPS. Research analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Devon Energy by 2.6% during the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock worth $3,096,000,000 after buying an additional 2,098,568 shares during the last quarter. Geode Capital Management LLC raised its holdings in Devon Energy by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 18,595,683 shares of the energy company’s stock valued at $589,399,000 after buying an additional 218,034 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Devon Energy by 5.0% during the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock worth $415,319,000 after acquiring an additional 560,652 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Devon Energy by 6.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock valued at $327,938,000 after acquiring an additional 552,068 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of Devon Energy by 29.3% during the third quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company’s stock valued at $288,306,000 after acquiring an additional 1,862,720 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

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.