Benchmark Upgrades Devon Energy (NYSE:DVN) to “Buy”

Devon Energy (NYSE:DVN) was upgraded by equities researchers at Benchmark from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday,Finviz reports. The firm currently has a $44.00 price objective on the energy company’s stock. Benchmark’s price target indicates a potential upside of 19.44% from the stock’s previous close.

DVN has been the subject of several other reports. Barclays decreased their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Citigroup cut their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a research note on Thursday, December 5th. Susquehanna cut 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. Finally, TD Cowen cut their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Ten research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.18.

Devon Energy Trading Up 2.4 %

DVN stock opened at $36.84 on Tuesday. The firm has a market cap of $24.20 billion, a PE ratio of 6.83, a price-to-earnings-growth ratio of 1.07 and a beta of 2.00. The firm has a fifty day moving average price of $35.58 and a 200 day moving average price of $40.49. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping 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 company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the company earned $1.65 earnings per share. Devon Energy’s revenue was up 4.9% on a year-over-year basis. Sell-side analysts anticipate that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently modified their holdings of DVN. DekaBank Deutsche Girozentrale lifted its holdings in shares of Devon Energy by 5.1% during the second quarter. DekaBank Deutsche Girozentrale now owns 224,898 shares of the energy company’s stock worth $10,576,000 after purchasing an additional 10,940 shares during the period. Federated Hermes Inc. lifted its holdings in shares of Devon Energy by 29.3% during the second quarter. Federated Hermes Inc. now owns 265,282 shares of the energy company’s stock worth $12,574,000 after purchasing an additional 60,130 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Devon Energy by 0.5% during the second quarter. Envestnet Asset Management Inc. now owns 315,446 shares of the energy company’s stock worth $14,952,000 after purchasing an additional 1,591 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Devon Energy by 16.7% during the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after purchasing an additional 1,255,543 shares during the period. Finally, Citizens Financial Group Inc. RI lifted its holdings in shares of Devon Energy by 13.4% during the second quarter. Citizens Financial Group Inc. RI now owns 10,752 shares of the energy company’s stock worth $510,000 after purchasing an additional 1,272 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Company Profile

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.