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

Benchmark reiterated their buy rating on shares of Devon Energy (NYSE:DVN) in a research report report published on Thursday morning,Benzinga reports. They currently have a $44.00 price objective on the energy company’s stock.

A number of other equities research analysts have also weighed in on the company. Wells Fargo & Company lowered their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a research note on Thursday, December 5th. Barclays upped their price objective on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Thursday. Truist Financial reduced their target price on Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a report on Monday, January 13th. Finally, StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Ten 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 has an average rating of “Moderate Buy” and a consensus target price of $48.83.

Devon Energy Price Performance

Shares of NYSE DVN opened at $37.49 on Thursday. The stock has a fifty day moving average price of $34.47 and a 200 day moving average price of $38.35. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09. 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 $24.33 billion, a PE ratio of 8.22, a P/E/G ratio of 1.20 and a beta of 1.98.

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

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.56%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s payout ratio is 19.30%.

Institutional Trading of Devon Energy

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