Devon Energy (NYSE:DVN) Upgraded by Benchmark to Buy Rating

Benchmark upgraded shares of Devon Energy (NYSE:DVN) from a hold rating to a buy rating in a report published on Tuesday, MarketBeat.com reports. The brokerage currently has $44.00 price objective on the energy company’s stock.

Several other research firms also recently commented on DVN. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Friday, January 3rd. TD Cowen decreased their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Piper Sandler dropped their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Jefferies Financial Group initiated coverage on Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target for the company. Finally, Mizuho dropped their price objective on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $49.27.

Devon Energy Trading Down 0.0 %

Shares of Devon Energy stock opened at $38.42 on Tuesday. The stock has a market capitalization of $25.24 billion, a PE ratio of 7.13, a price-to-earnings-growth ratio of 1.14 and a beta of 2.00. Devon Energy has a 52 week low of $30.39 and a 52 week high of $55.09. The stock has a 50 day moving average price of $35.50 and a two-hundred day moving average price of $40.40. 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 posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.65 EPS. As a group, equities analysts anticipate that Devon Energy will post 4.72 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.29%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Trading of Devon Energy

Hedge funds have recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new position in shares of Devon Energy during the 3rd quarter worth $35,000. Future Financial Wealth Managment LLC bought a new position in Devon Energy during the third quarter worth about $39,000. True Wealth Design LLC boosted its position in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. increased its stake in shares of Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares in the last quarter. Finally, Activest Wealth Management raised its position in shares of Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares during the period. 69.72% of the stock is currently owned by institutional investors.

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.