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

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

A number of other research analysts have also recently issued reports on DVN. Citigroup decreased their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Piper Sandler lowered their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. UBS Group cut their price target on shares of 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 lowered their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Monday. Finally, BMO Capital Markets reduced their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.27.

Devon Energy Stock Performance

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

Devon Energy (NYSE:DVN) last posted its earnings results 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. 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 analyst estimates of $3.72 billion. During the same period last year, the business posted $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Devon Energy will post 4.72 earnings per share for the current year.

Devon Energy Dividend Announcement

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

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of DVN. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy in the third quarter valued at approximately $35,000. Future Financial Wealth Managment LLC bought a new stake in Devon Energy in the 3rd quarter valued at $39,000. True Wealth Design LLC raised its stake in Devon Energy by 3,889.3% in the 3rd 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 Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares during the last quarter. Finally, Activest Wealth Management boosted its position in Devon Energy by 60.4% during the third 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. 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.