Benchmark Upgrades Devon Energy (NYSE:DVN) to Buy

Benchmark upgraded shares of Devon Energy (NYSE:DVN - Free Report) from a hold rating to a buy rating in a report published on Tuesday morning, MarketBeat reports. They currently have $44.00 price objective on the energy company's stock.

A number of other equities research analysts have also recently commented on the stock. Mizuho decreased their target price on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating for the company in a research report on Monday, December 16th. 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. Morgan Stanley dropped their target price on Devon Energy from $55.00 to $51.00 and set an "overweight" rating on the stock in a research note on Monday, September 16th. Wells Fargo & Company decreased their price target on Devon Energy from $49.00 to $43.00 and set an "overweight" rating for the company in a research note on Tuesday, December 17th. Finally, Evercore ISI dropped their price target on Devon Energy from $55.00 to $50.00 and set an "in-line" rating on the stock in a research note on Monday, September 30th. Ten investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Devon Energy has an average rating of "Moderate Buy" and a consensus price target of $49.18.

Devon Energy Stock Up 1.2 %

NYSE:DVN traded up $0.45 during trading hours on Tuesday, reaching $37.22. The company's stock had a trading volume of 9,391,945 shares, compared to its average volume of 11,178,057. The stock has a 50 day moving average price of $35.58 and a two-hundred day moving average price of $40.49. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The company has a market capitalization of $24.45 billion, a P/E ratio of 6.91, a price-to-earnings-growth ratio of 1.07 and a beta of 2.00. Devon Energy has a 12 month low of $30.39 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share 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 return on equity of 24.73% and a net margin of 21.71%. The firm's quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.65 EPS. Equities analysts predict that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.36%. The ex-dividend date was Friday, December 13th. Devon Energy's dividend payout ratio (DPR) is 16.33%.

Hedge Funds Weigh In On Devon Energy

Large investors have recently bought and sold shares of the business. SkyOak Wealth LLC raised its stake in shares of Devon Energy by 4.1% during the 2nd quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company's stock worth $298,000 after buying an additional 250 shares during the period. Riversedge Advisors LLC raised its position in Devon Energy by 3.6% during the third quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company's stock worth $287,000 after acquiring an additional 253 shares during the period. Modus Advisors LLC grew its position in shares of Devon Energy by 2.4% in the third quarter. Modus Advisors LLC now owns 11,439 shares of the energy company's stock valued at $447,000 after purchasing an additional 272 shares during the period. Lummis Asset Management LP raised its position in shares of Devon Energy by 1.0% during the 2nd 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 during the last quarter. Finally, Hazlett Burt & Watson Inc. boosted its holdings in Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company's stock worth $49,000 after buying an additional 290 shares during the last quarter. 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.