Devon Energy (NYSE:DVN) Raised to “Buy” at Benchmark

Devon Energy (NYSE:DVN) was upgraded by equities research analysts at Benchmark from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, MarketBeat reports. The firm currently has a $44.00 target price on the energy company’s stock. Benchmark’s price objective indicates a potential upside of 19.44% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company decreased their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Scotiabank decreased their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Evercore ISI decreased their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. Raymond James decreased their price objective on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Finally, Barclays cut their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Ten investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.18.

Devon Energy Trading Up 2.4 %

Devon Energy stock opened at $36.84 on Tuesday. The company’s fifty day simple moving average is $35.58 and its 200-day simple moving average is $40.49. 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 has a 12 month low of $30.39 and a 12 month high of $55.09. The stock has a market cap of $24.20 billion, a P/E ratio of 6.83, a P/E/G ratio of 1.07 and a beta of 2.00.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion during 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%. Devon Energy’s revenue for the quarter 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. As a group, sell-side analysts forecast that Devon Energy will post 4.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in DVN. SkyOak Wealth LLC raised its position in Devon Energy by 4.1% in the second quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock worth $298,000 after purchasing an additional 250 shares in the last quarter. Riversedge Advisors LLC raised its position in Devon Energy by 3.6% in the third quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock worth $287,000 after purchasing an additional 253 shares in the last quarter. Modus Advisors LLC raised its position in Devon Energy by 2.4% in the third quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock worth $447,000 after purchasing an additional 272 shares in the last quarter. Lummis Asset Management LP raised its position in Devon Energy by 1.0% in the second quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company’s stock worth $1,425,000 after purchasing an additional 290 shares in the last quarter. Finally, Hazlett Burt & Watson Inc. raised its position in Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares in the last quarter. 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.