Devon Energy’s (DVN) “Buy” Rating Reaffirmed at Benchmark

Devon Energy (NYSE:DVN)‘s stock had its “buy” rating reaffirmed by analysts at Benchmark in a report issued on Thursday,Benzinga reports. They currently have a $44.00 price objective on the energy company’s stock. Benchmark’s price target indicates a potential upside of 17.38% from the company’s current price.

A number of other brokerages have 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 price objective on the stock in a research note on Friday, January 3rd. TD Cowen lowered their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Wednesday, January 15th. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a report on Thursday, December 5th. Finally, Wells Fargo & Company dropped their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.83.

Devon Energy Price Performance

DVN stock opened at $37.49 on Thursday. The firm has a 50 day moving average of $34.47 and a 200-day moving average of $38.37. The company has a market cap of $24.62 billion, a price-to-earnings ratio of 8.22, a PEG ratio of 1.17 and a beta of 1.98. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. As a group, equities analysts expect that Devon Energy will post 4.85 EPS for the current fiscal year.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. Creative Planning increased its stake in Devon Energy by 33.6% during the third quarter. Creative Planning now owns 132,206 shares of the energy company’s stock worth $5,172,000 after acquiring an additional 33,249 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in Devon Energy by 4.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 35,711 shares of the energy company’s stock worth $1,397,000 after purchasing an additional 1,564 shares in the last quarter. Leo Wealth LLC acquired a new stake in Devon Energy during the 3rd quarter worth approximately $202,000. Private Advisor Group LLC raised its holdings in Devon Energy by 15.1% in the third quarter. Private Advisor Group LLC now owns 96,216 shares of the energy company’s stock valued at $3,764,000 after buying an additional 12,607 shares during the period. Finally, Courier Capital LLC lifted its position in Devon Energy by 6.6% during the third quarter. Courier Capital LLC now owns 17,305 shares of the energy company’s stock valued at $677,000 after buying an additional 1,079 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.