Devon Energy (NYSE:DVN) Earns Hold Rating from Benchmark

Benchmark restated their hold rating on shares of Devon Energy (NYSE:DVN) in a research note issued to investors on Tuesday, Benzinga reports.

Several other research firms have also recently weighed in on DVN. Jefferies Financial Group started coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price for the company. Morgan Stanley reduced their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Wolfe Research assumed coverage on Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Wells Fargo & Company reduced their price objective on Devon Energy from $55.00 to $50.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Finally, Susquehanna lowered their target price on Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $52.53.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $40.66 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy has a 52 week low of $37.76 and a 52 week high of $55.09. The stock’s 50-day simple moving average is $42.15 and its 200-day simple moving average is $46.32. The company has a market capitalization of $25.70 billion, a price-to-earnings ratio of 7.76, a PEG ratio of 1.27 and a beta of 2.02.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS 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 for the quarter, compared to analysts’ expectations of $3.90 billion. During the same period in the previous year, the firm earned $1.18 EPS. The firm’s revenue was up 13.4% compared to the same quarter last year. As a group, analysts expect that Devon Energy will post 5.01 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.16%. Devon Energy’s payout ratio is 16.79%.

Institutional Trading of Devon Energy

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after buying an additional 2,559,039 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after acquiring an additional 1,428,776 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Devon Energy by 7,165.6% in the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after purchasing an additional 1,357,311 shares during the period. Dimensional Fund Advisors LP grew its stake in Devon Energy by 16.7% in 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 in the last quarter. Finally, National Bank of Canada FI increased its holdings in Devon Energy by 447.6% during the 2nd quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock worth $56,299,000 after purchasing an additional 964,147 shares during the period. 69.72% of the stock is owned by hedge funds and other 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.