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

Sanford C. Bernstein upgraded shares of Devon Energy (NYSE:DVN) from a market perform rating to an outperform rating in a research report released on Wednesday morning, Marketbeat.com reports. They currently have $45.00 price target on the energy company’s stock.

DVN has been the topic of a number of other research reports. Piper Sandler decreased their target price on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. TD Cowen reduced their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. BMO Capital Markets cut their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Friday, January 3rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Nine equities research 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 company has a consensus rating of “Moderate Buy” and a consensus price target of $49.27.

Devon Energy Price Performance

Shares of NYSE DVN opened at $38.45 on Wednesday. The business’s 50 day moving average is $35.50 and its 200-day moving average is $40.40. The firm has a market cap of $25.26 billion, a P/E ratio of 7.13, a price-to-earnings-growth ratio of 1.14 and a beta of 2.00. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.65 EPS. Equities research analysts predict that Devon Energy will post 4.72 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.29%. Devon Energy’s payout ratio is presently 16.33%.

Institutional Trading of Devon Energy

A number of hedge funds have recently made changes to their positions in DVN. Envestnet Asset Management Inc. boosted its position in Devon Energy by 0.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 315,446 shares of the energy company’s stock worth $14,952,000 after buying an additional 1,591 shares during the period. Citizens Financial Group Inc. RI lifted its holdings in shares of Devon Energy by 13.4% during the second quarter. Citizens Financial Group Inc. RI now owns 10,752 shares of the energy company’s stock worth $510,000 after purchasing an additional 1,272 shares during the period. Lmcg Investments LLC grew its stake in shares of Devon Energy by 13.0% in the second quarter. Lmcg Investments LLC now owns 51,993 shares of the energy company’s stock worth $2,464,000 after purchasing an additional 5,973 shares during the last quarter. Edgestream Partners L.P. acquired a new stake in Devon Energy in the second quarter valued at $342,000. Finally, Axxcess Wealth Management LLC raised its position in Devon Energy by 116.7% during 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 last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.