Devon Energy (NYSE:DVN) Rating Increased to Buy at Benchmark

Benchmark upgraded shares of Devon Energy (NYSE:DVN) from a hold rating to a buy rating in a research report sent to investors on Tuesday, MarketBeat reports. They currently have $44.00 price target on the energy company’s stock.

Other analysts have also recently issued research reports about the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Truist Financial cut their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Monday. Raymond James reduced their price objective on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Morgan Stanley lowered their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Finally, Susquehanna reduced their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Ten analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $49.18.

Devon Energy Stock Up 1.2 %

DVN stock opened at $37.22 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The company’s 50 day simple moving average is $35.58 and its 200-day simple moving average is $40.49. Devon Energy has a 12 month low of $30.39 and a 12 month high of $55.09. The firm has a market capitalization of $24.45 billion, a PE ratio of 6.91, a P/E/G ratio of 1.07 and a beta of 2.00.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the firm earned $1.65 EPS. Devon Energy’s quarterly revenue was up 4.9% on a year-over-year basis. Equities analysts expect that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.36%. Devon Energy’s dividend payout ratio is currently 16.33%.

Institutional Investors Weigh In On Devon Energy

Several institutional investors and hedge funds have recently modified their holdings of DVN. Geode Capital Management LLC raised its holdings in shares of Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after buying an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. acquired a new stake in Devon Energy in the third quarter valued at approximately $461,857,000. Pacer Advisors Inc. raised its stake in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the period. EnCap Partners GP LLC acquired a new position in shares of Devon Energy during the third quarter worth $408,653,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after purchasing an additional 361,968 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.