Devon Energy (NYSE:DVN) Price Target Cut to $42.00 by Analysts at Sanford C. Bernstein

Devon Energy (NYSE:DVN) had its target price decreased by Sanford C. Bernstein from $48.00 to $42.00 in a research note published on Monday morning, Marketbeat reports. Sanford C. Bernstein currently has an outperform rating on the energy company’s stock.

A number of other research firms have also commented on DVN. Citigroup upped their price target on shares of Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, December 17th. UBS Group raised shares of Devon Energy from a “neutral” rating to a “buy” rating and upped their price objective for the company from $40.00 to $46.00 in a research note on Friday, December 12th. Mizuho increased their target price on shares of Devon Energy from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Roth Capital restated a “buy” rating and set a $42.00 price target on shares of Devon Energy in a report on Wednesday, December 31st. Finally, Johnson Rice lowered their price target on Devon Energy from $70.00 to $62.00 and set a “buy” rating for the company in a research report on Friday, December 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $44.66.

Devon Energy Trading Down 3.4%

Shares of DVN stock opened at $36.57 on Monday. The stock has a market capitalization of $22.94 billion, a PE ratio of 8.60, a P/E/G ratio of 3.10 and a beta of 0.60. Devon Energy has a 1-year low of $25.89 and a 1-year high of $38.88. The business has a 50-day moving average of $35.68 and a 200 day moving average of $34.47. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The business had revenue of $0.00 million for the quarter, compared to analysts’ expectations of $4.10 billion. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.During the same period in the previous year, the firm earned $1.10 EPS. As a group, sell-side analysts anticipate that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, December 15th were given a dividend of $0.24 per share. The ex-dividend date was Monday, December 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.6%. Devon Energy’s payout ratio is currently 22.59%.

Hedge Funds Weigh In On Devon Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in shares of Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after buying an additional 2,802,137 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its position in Devon Energy by 83.9% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 4,568,092 shares of the energy company’s stock valued at $145,311,000 after acquiring an additional 2,083,600 shares in the last quarter. Sourcerock Group LLC boosted its stake in Devon Energy by 2,132.3% during the 2nd quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock valued at $55,708,000 after purchasing an additional 1,672,824 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Devon Energy by 704.3% in the 3rd quarter. Wellington Management Group LLP now owns 975,114 shares of the energy company’s stock worth $34,187,000 after purchasing an additional 853,875 shares in the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of Devon Energy by 93.4% in the second quarter. Prudential Financial Inc. now owns 1,506,329 shares of the energy company’s stock worth $47,916,000 after purchasing an additional 727,532 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.