Benchmark Reiterates Hold Rating for Devon Energy (NYSE:DVN)

Devon Energy (NYSE:DVN)‘s stock had its “hold” rating reaffirmed by research analysts at Benchmark in a report issued on Tuesday, Benzinga reports.

Several other analysts have also commented on DVN. Morgan Stanley decreased their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. UBS Group decreased their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a report on Tuesday, September 3rd. StockNews.com lowered Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Finally, Wolfe Research started coverage on Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.58.

Devon Energy Stock Down 1.3 %

Devon Energy stock opened at $40.68 on Tuesday. The business has a fifty day moving average of $42.33 and a two-hundred day moving average of $46.43. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The firm has a market cap of $25.71 billion, a P/E ratio of 7.76, a P/E/G ratio of 1.27 and a beta of 2.02. Devon Energy has a twelve month low of $37.76 and a twelve month high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the prior year, the business earned $1.18 earnings per share. Devon Energy’s revenue was up 13.4% on a year-over-year basis. On average, analysts forecast that Devon Energy will post 5.01 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. Salem Investment Counselors Inc. raised its holdings in shares of Devon Energy by 31.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after acquiring an additional 199 shares during the period. Retirement Group LLC raised its stake in Devon Energy by 21.8% during the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after purchasing an additional 199 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its holdings in Devon Energy by 7.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after purchasing an additional 209 shares during the last quarter. MCF Advisors LLC grew its stake in shares of Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after buying an additional 215 shares during the period. Finally, Annex Advisory Services LLC increased its holdings in shares of Devon Energy by 0.8% during the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after buying an additional 223 shares during the last quarter. 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.