Devon Energy (NYSE:DVN) Stock Rating Cut to "Hold" at Sanford C. Bernstein

Devon Energy (NYSE:DVN - Get Free Report) was downgraded by research analysts at Sanford C. Bernstein from a "strong-buy" rating to a "hold" rating in a report released on Wednesday, Zacks reports.

Several other research analysts have also recently weighed in on the company. UBS Group decreased their price target on Devon Energy from $65.00 to $62.00 and set a "buy" rating for the company in a research note on Tuesday. Scotiabank assumed coverage on Devon Energy in a report on Wednesday, October 14th. They set a "sector outperform" rating and a $61.00 price target for the company. BMO Capital Markets reissued an "outperform" rating and issued a $67.00 price objective on shares of Devon Energy in a research note on Tuesday, October 6th. Wall Street Zen raised Devon Energy from a "hold" rating to a "buy" rating in a report on Saturday, October 3rd. Finally, Stifel Nicolaus started coverage on shares of Devon Energy in a report on Thursday, September 10th. They set a "buy" rating and a $61.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $60.49.

Devon Energy Stock Up 3.6%

Shares of NYSE:DVN opened at $44.95 on Wednesday. The stock has a market capitalization of $51.24 billion, a P/E ratio of 11.24, a price-to-earnings-growth ratio of 1.11 and a beta of 0.43. Devon Energy has a 12-month low of $34.23 and a 12-month high of $52.71. The stock's 50-day moving average price is $48.36 and its 200-day moving average price is $46.12. The company has a current ratio of 0.70, a quick ratio of 0.65 and a debt-to-equity ratio of 0.23.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Thursday, November 5th. The energy company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.09. The business had revenue of $6.86 billion during the quarter, compared to analysts' expectations of $6.57 billion. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The business's revenue was up 66.5% on a year-over-year basis. During the same quarter last year, the business posted $1.04 EPS. On average, equities analysts anticipate that Devon Energy will post 5.57 earnings per share for the current year.

Insider Buying and Selling

In other Devon Energy news, CEO Clay M. Gaspar acquired 3,913 shares of the company's stock in a transaction that occurred on Monday, September 14th. The stock was bought at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the acquisition, the chief executive officer directly owned 619,152 shares in the company, valued at $31,626,284.16. The trade was a 0.64% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the company's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the transaction, the executive vice president directly owned 72,720 shares in the company, valued at $3,705,084. This trade represents a 8.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 4.58% of the company's stock.

Institutional Trading of Devon Energy

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in Devon Energy by 57.6% in the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company's stock worth $3,941,054,000 after buying an additional 34,871,366 shares during the period. State Street Corp lifted its holdings in Devon Energy by 89.8% during the 2nd quarter. State Street Corp now owns 73,179,266 shares of the energy company's stock valued at $3,023,767,000 after buying an additional 34,615,088 shares in the last quarter. Wellington Management Group LLP boosted its position in Devon Energy by 418.3% in the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock valued at $2,128,905,000 after buying an additional 41,581,435 shares during the period. Dimensional Fund Advisors LP boosted its position in Devon Energy by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company's stock valued at $483,475,000 after buying an additional 235,561 shares during the period. Finally, Bank of America Corp DE purchased a new stake in Devon Energy in the 2nd quarter valued at about $421,226,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company's portfolio has evolved through acquisitions and asset sales over its history.

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