Devon Energy (NYSE:DVN) Given Buy Rating at Benchmark

Benchmark reaffirmed their buy rating on shares of Devon Energy (NYSE:DVN) in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a $44.00 price target on the energy company’s stock.

Other equities analysts have also issued reports about the company. TD Cowen decreased their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Cowen cut Devon Energy to a “hold” rating and decreased their target price for the company from $46.00 to $45.00 in a research note on Tuesday. Raymond James boosted their price target on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 price target on shares of Devon Energy in a report on Friday, January 10th. Finally, Wells Fargo & Company lowered their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.83.

Devon Energy Stock Performance

DVN stock opened at $38.60 on Thursday. The company has a 50-day simple moving average of $34.40 and a 200 day simple moving average of $38.40. The company has a market capitalization of $25.35 billion, a P/E ratio of 8.46, a PEG ratio of 1.09 and a beta of 1.98. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 23.17%. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. Sell-side analysts predict that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.49%. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio is currently 19.30%.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently bought and sold shares of the business. Hurley Capital LLC purchased a new stake in shares of Devon Energy in the fourth quarter worth approximately $26,000. Accredited Wealth Management LLC acquired a new position in Devon Energy in the 4th quarter valued at approximately $28,000. Capital Performance Advisors LLP purchased a new stake in Devon Energy in the 3rd quarter worth approximately $35,000. True Wealth Design LLC boosted its stake in shares of Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares during the period. Finally, Cromwell Holdings LLC grew its holdings in shares of Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after acquiring an additional 598 shares in the last quarter. 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.