Benchmark Reaffirms "Buy" Rating for Devon Energy (NYSE:DVN)

Devon Energy (NYSE:DVN - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at Benchmark in a note issued to investors on Thursday,Benzinga reports. They currently have a $44.00 price target on the energy company's stock. Benchmark's price objective would indicate a potential upside of 17.38% from the stock's current price.

Several other brokerages have also recently commented on DVN. TD Cowen decreased their target price on Devon Energy from $54.00 to $46.00 and set a "hold" rating for the company in a research report on Tuesday, November 5th. JPMorgan Chase & Co. lowered Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 price objective for the company. in a report on Thursday, December 5th. Cowen lowered Devon Energy to a "hold" rating and cut their price objective for the stock from $46.00 to $45.00 in a report on Tuesday. Wolfe Research upgraded Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. Finally, Mizuho cut their price objective on Devon Energy from $51.00 to $47.00 and set an "outperform" rating for the company in a report on Monday, December 16th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.83.

Devon Energy Stock Down 2.8 %

Shares of Devon Energy stock traded down $1.07 during midday trading on Thursday, hitting $37.49. The company's stock had a trading volume of 10,812,702 shares, compared to its average volume of 9,678,176. The firm has a market capitalization of $24.62 billion, a P/E ratio of 8.22, a PEG ratio of 1.17 and a beta of 1.98. The stock has a 50-day simple moving average of $34.40 and a 200-day simple moving average of $38.40. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last issued 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. The business had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. As a group, sell-side analysts expect that Devon Energy will post 4.85 earnings per share for the current year.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC acquired a new stake in Devon Energy during the third quarter worth about $8,002,000. Bridgewater Associates LP acquired a new stake in Devon Energy during the third quarter worth about $9,426,000. Petrus Trust Company LTA grew its position in Devon Energy by 394.7% during the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company's stock worth $854,000 after buying an additional 17,415 shares in the last quarter. CIBC Asset Management Inc grew its position in Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company's stock worth $4,193,000 after buying an additional 6,358 shares in the last quarter. Finally, Smead Capital Management Inc. grew its position in Devon Energy by 3.5% during the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company's stock worth $230,007,000 after buying an additional 198,193 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.