Sanford C. Bernstein Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock

Key Points

• Sanford C. Bernstein raised its price target on Devon Energy to $59 from $42 and kept an "outperform" rating, implying roughly a 21.7% upside.
• Devon has broad analyst support (average rating "Moderate Buy" with an average target of $53.11) and recently slightly beat quarterly EPS ($0.82 vs. $0.81) and revenue estimates while reporting a 6.4% year‑over‑year revenue decline.

Devon Energy (NYSE:DVN - Get Free Report) had its price target increased by research analysts at Sanford C. Bernstein from $42.00 to $59.00 in a research report issued on Monday,MarketScreener reports. The brokerage presently has an "outperform" rating on the energy company's stock. Sanford C. Bernstein's price target points to a potential upside of 21.73% from the company's previous close.

DVN has been the topic of several other research reports. Truist Financial started coverage on shares of Devon Energy in a research report on Tuesday, March 24th. They set a "buy" rating and a $63.00 target price on the stock. Piper Sandler raised their target price on Devon Energy from $59.00 to $67.00 and gave the stock an "overweight" rating in a research note on Thursday, March 12th. Scotiabank upgraded Devon Energy to a "hold" rating in a research note on Friday, March 27th. Wells Fargo & Company raised their price objective on Devon Energy from $43.00 to $51.00 and gave the stock an "overweight" rating in a research note on Friday, February 20th. Finally, Susquehanna increased their target price on Devon Energy from $47.00 to $52.00 and gave the company a "positive" rating in a research report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $53.11.

Devon Energy Stock Up 1.4%

DVN opened at $48.47 on Monday. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. Devon Energy has a 1-year low of $28.09 and a 1-year high of $52.71. The company has a market capitalization of $30.12 billion, a PE ratio of 11.64, a PEG ratio of 0.93 and a beta of 0.47. The firm's 50 day simple moving average is $46.05 and its two-hundred day simple moving average is $39.25.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The company had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter in the prior year, the firm posted $1.10 EPS. Devon Energy's quarterly revenue was down 6.4% compared to the same quarter last year. As a group, equities analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently modified their holdings of the company. Wedge Capital Management L L P NC acquired a new position in Devon Energy in the 4th quarter valued at about $9,931,000. Allianz Asset Management GmbH lifted its position in Devon Energy by 4.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company's stock worth $29,210,000 after acquiring an additional 33,974 shares during the period. Investors Research Corp grew its stake in shares of Devon Energy by 13,787.5% in the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company's stock valued at $1,017,000 after purchasing an additional 27,575 shares during the last quarter. Philip James Wealth Mangement LLC grew its stake in shares of Devon Energy by 43.8% in the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company's stock valued at $5,911,000 after purchasing an additional 49,115 shares during the last quarter. Finally, Greatmark Investment Partners Inc. increased its holdings in shares of Devon Energy by 5.6% in the third quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company's stock valued at $20,052,000 after purchasing an additional 30,435 shares during the period. 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.

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