Devon Energy (NYSE:DVN) Price Target Raised to $48.00

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

Several other analysts also recently commented on the company. Barclays reduced their target price on Devon Energy from $42.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 7th. Scotiabank reiterated an “outperform” rating on shares of Devon Energy in a report on Thursday, October 9th. Morgan Stanley lowered their price objective on shares of Devon Energy from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Tuesday, October 14th. William Blair began coverage on shares of Devon Energy in a report on Monday, August 25th. They set an “outperform” rating for the company. Finally, Roth Capital initiated coverage on shares of Devon Energy in a report on Monday, October 13th. They issued a “buy” rating and a $42.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $43.89.

Devon Energy Trading Up 1.3%

Shares of DVN stock opened at $35.63 on Friday. The company has a market cap of $22.35 billion, a P/E ratio of 7.99, a PEG ratio of 2.49 and a beta of 1.01. Devon Energy has a fifty-two week low of $25.89 and a fifty-two week high of $39.65. The stock has a 50 day simple moving average of $33.97 and a two-hundred day simple moving average of $33.53. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

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

Institutional Trading of Devon Energy

Several hedge funds have recently added to or reduced their stakes in DVN. Aprio Wealth Management LLC grew its stake in shares of Devon Energy by 4.1% during the third quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company’s stock valued at $264,000 after buying an additional 297 shares during the last quarter. Accredited Wealth Management LLC boosted its holdings in Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after acquiring an additional 308 shares during the period. OneDigital Investment Advisors LLC grew its position in Devon Energy by 2.6% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 12,620 shares of the energy company’s stock worth $442,000 after acquiring an additional 318 shares during the last quarter. SVB Wealth LLC increased its stake in Devon Energy by 4.1% in the 1st quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock worth $304,000 after purchasing an additional 321 shares during the period. Finally, Yousif Capital Management LLC lifted its position in Devon Energy by 0.4% in the second quarter. Yousif Capital Management LLC now owns 87,272 shares of the energy company’s stock valued at $2,776,000 after purchasing an additional 321 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.