Devon Energy (NYSE:DVN) Rating Increased to Buy at Benchmark

Benchmark upgraded shares of Devon Energy (NYSE:DVN) from a hold rating to a buy rating in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has $44.00 target price on the energy company’s stock.

DVN has been the topic of several other research reports. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Friday, January 3rd. JPMorgan Chase & Co. downgraded 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. Truist Financial lowered their price target on Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a report on Monday. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Finally, UBS Group lowered their target price on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Ten research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.18.

Devon Energy Price Performance

DVN stock opened at $37.22 on Tuesday. The stock’s 50 day moving average is $35.58 and its two-hundred day moving average is $40.49. Devon Energy has a 52-week low of $30.39 and a 52-week high of $55.09. The company has a market capitalization of $24.45 billion, a PE ratio of 6.91, a P/E/G ratio of 1.07 and a beta of 2.00. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.65 earnings per share. Analysts predict that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.36%. Devon Energy’s dividend payout ratio is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

Several large investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP bought a new position in shares of Devon Energy in the third quarter valued at approximately $35,000. Future Financial Wealth Managment LLC bought a new stake in Devon Energy during the third quarter worth approximately $39,000. True Wealth Design LLC lifted its position in Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. boosted its stake in Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares in the last quarter. Finally, Activest Wealth Management increased its position in shares of Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.