Devon Energy (NYSE:DVN) Stock Gets Downgrade from Sanford C. Bernstein

Devon Energy (NYSE:DVN) was downgraded by research analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a research report issued on Wednesday, Marketbeat Ratings reports. They presently have a $44.00 price objective on the energy company’s stock, down from their prior price objective of $49.00. Sanford C. Bernstein‘s target price points to a potential downside of 2.12% from the stock’s previous close.

Several other research firms also recently weighed in on DVN. JPMorgan Chase & Co. lifted their price target on shares of Devon Energy from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Monday. Morgan Stanley reduced their price objective on Devon Energy from $65.00 to $64.00 and set an “overweight” rating on the stock in a report on Monday. Seaport Research Partners initiated coverage on shares of Devon Energy in a report on Thursday, September 3rd. They set a “buy” rating and a $65.00 target price on the stock. Stifel Nicolaus assumed coverage on shares of Devon Energy in a research report on Thursday, September 10th. They set a “buy” rating and a $61.00 target price on the stock. Finally, Citigroup increased their price objective on shares of Devon Energy from $65.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, August 31st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $59.92.

Devon Energy Trading Up 3.6%

DVN stock opened at $44.96 on Wednesday. Devon Energy has a twelve month low of $34.23 and a twelve month high of $52.71. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 0.23. The firm’s fifty day simple moving average is $48.36 and its two-hundred day simple moving average is $46.12. The stock has a market capitalization of $51.24 billion, a price-to-earnings ratio of 11.24, a price-to-earnings-growth ratio of 1.11 and a beta of 0.43.

Devon Energy (NYSE:DVN) last announced its earnings results on Thursday, November 5th. The energy company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.09. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The business had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.57 billion. During the same quarter in the previous year, the business earned $1.04 earnings per share. The company’s revenue for the quarter was up 66.5% compared to the same quarter last year. As a group, 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 purchased 3,913 shares of Devon Energy stock in a transaction dated Monday, September 14th. The shares were acquired at an average cost of $51.08 per share, with a total value of $199,876.04. Following the completion of the transaction, the chief executive officer owned 619,152 shares in the company, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the sale, the executive vice president owned 72,720 shares in the company, valued at $3,705,084. The trade was a 8.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.58% of the company’s stock.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Financial Management Professionals Inc. grew its stake in Devon Energy by 119.0% in the 3rd quarter. Financial Management Professionals Inc. now owns 576 shares of the energy company’s stock valued at $27,000 after acquiring an additional 313 shares during the period. Premier Financial Group acquired a new position in Devon Energy during the second quarter worth $25,000. JFS Wealth Advisors LLC raised its position in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after acquiring an additional 245 shares during the period. Parvin Asset Management LLC purchased a new position in Devon Energy during the second quarter valued at $28,000. Finally, KERR FINANCIAL PLANNING Corp purchased a new position in Devon Energy during the second quarter valued at $29,000. 69.72% of the stock is currently 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.