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

Devon Energy (NYSE:DVN) had its price objective dropped by analysts at Sanford C. Bernstein from $48.00 to $42.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the energy company’s stock. Sanford C. Bernstein’s price target would indicate a potential upside of 12.49% from the stock’s previous close.

Several other research firms also recently issued reports on DVN. Barclays cut their price objective on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 7th. Susquehanna upped their price target on shares of Devon Energy from $40.00 to $42.00 and gave the company a “positive” rating in a research note on Wednesday, November 12th. JPMorgan Chase & Co. upgraded shares of Devon Energy from a “neutral” rating to an “overweight” rating and lowered their price objective for the stock from $49.00 to $44.00 in a research note on Monday, December 8th. Roth Capital reissued a “buy” rating and set a $42.00 price objective on shares of Devon Energy in a report on Wednesday. Finally, Citigroup upped their target price on Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. 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 assigned a Sell rating to the stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $44.66.

Devon Energy Price Performance

NYSE DVN opened at $37.34 on Monday. The firm’s fifty day simple moving average is $35.61 and its two-hundred day simple moving average is $34.45. The firm has a market capitalization of $23.42 billion, a P/E ratio of 8.85, a P/E/G ratio of 3.10 and a beta of 0.60. The company has a current ratio of 0.96, a quick ratio of 0.87 and a debt-to-equity ratio of 0.48. Devon Energy has a 12-month low of $25.89 and a 12-month high of $38.88.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.The firm had revenue of $0.00 million during the quarter, compared to analysts’ expectations of $4.10 billion. During the same quarter last year, the firm earned $1.10 EPS. Analysts forecast that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of DVN. Alliancebernstein L.P. lifted its stake in shares of Devon Energy by 29.0% in the 1st quarter. Alliancebernstein L.P. now owns 1,198,996 shares of the energy company’s stock valued at $44,842,000 after purchasing an additional 269,774 shares during the period. Nissay Asset Management Corp Japan ADV grew its position in Devon Energy by 1.0% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 75,844 shares of the energy company’s stock valued at $2,837,000 after buying an additional 784 shares during the period. Coordinated Financial Services Inc. CO purchased a new position in Devon Energy in the first quarter valued at $241,000. First Dallas Securities Inc. raised its position in shares of Devon Energy by 6.4% in the first quarter. First Dallas Securities Inc. now owns 56,067 shares of the energy company’s stock worth $2,097,000 after acquiring an additional 3,352 shares during the period. Finally, Voleon Capital Management LP acquired a new stake in shares of Devon Energy during the 1st quarter valued at about $377,000. 69.72% of the stock is owned by institutional investors and hedge funds.

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.