Devon Energy (NYSE:DVN) Earns “Buy” Rating from Benchmark

Devon Energy (NYSE:DVN)‘s stock had its “buy” rating reiterated by investment analysts at Benchmark in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $44.00 price objective on the energy company’s stock. Benchmark’s target price would indicate a potential upside of 17.38% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Cowen cut shares of Devon Energy to a “hold” rating and decreased their price objective for the stock from $46.00 to $45.00 in a research report on Tuesday. Raymond James lifted their price target on Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Barclays increased their price objective on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Thursday. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research note on Wednesday, January 15th. Finally, Truist Financial dropped their price target on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a research note on Monday, January 13th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $48.83.

Devon Energy Price Performance

Shares of NYSE DVN opened at $37.49 on Thursday. The stock’s 50-day moving average is $34.47 and its two-hundred day moving average is $38.37. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market cap of $24.62 billion, a price-to-earnings ratio of 8.22, a price-to-earnings-growth ratio of 1.17 and a beta of 1.98. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last released its 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 22.52%. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Analysts forecast that Devon Energy will post 4.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently bought and sold shares of DVN. Vanguard Group Inc. raised its holdings in Devon Energy by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares in the last quarter. Geode Capital Management LLC increased its position in Devon Energy by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock worth $552,830,000 after purchasing an additional 1,038,305 shares during the period. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy during the 3rd quarter worth approximately $461,857,000. Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after buying an additional 1,677,652 shares during the period. Finally, EnCap Partners GP LLC purchased a new stake in shares of Devon Energy in the third quarter valued at approximately $408,653,000. 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.