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

Benchmark restated their hold rating on shares of Devon Energy (NYSE:DVN) in a research report report published on Tuesday, Benzinga reports.

Other analysts have also issued research reports about the stock. Morgan Stanley decreased their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Susquehanna lowered their target price on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Evercore ISI cut their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, September 30th. Barclays lowered their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Finally, Scotiabank cut their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $52.58.

Devon Energy Price Performance

Shares of NYSE DVN opened at $40.57 on Tuesday. The firm has a market capitalization of $25.64 billion, a P/E ratio of 7.74, a P/E/G ratio of 1.27 and a beta of 2.02. The firm’s 50-day moving average price is $42.24 and its 200-day moving average price is $46.39. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. Devon Energy has a 1-year low of $37.76 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.18 earnings per share. Equities research analysts anticipate that Devon Energy will post 5.01 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date was Friday, September 13th. Devon Energy’s payout ratio is currently 16.79%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of DVN. Vanguard Group Inc. boosted its holdings in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares during the period. Pacer Advisors Inc. boosted its stake in Devon Energy by 16.8% in the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after purchasing an additional 1,428,776 shares during the period. Los Angeles Capital Management LLC boosted its stake in Devon Energy by 7,165.6% in the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock worth $65,234,000 after purchasing an additional 1,357,311 shares during the period. Dimensional Fund Advisors LP grew its holdings in Devon Energy by 16.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after buying an additional 1,255,543 shares in the last quarter. Finally, National Bank of Canada FI increased its position in shares of Devon Energy by 447.6% during the second quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock valued at $56,299,000 after buying an additional 964,147 shares during the period. 69.72% of the stock is currently 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.