Devon Energy (NYSE:DVN) Given Buy Rating at Benchmark

Devon Energy (NYSE:DVN)‘s stock had its “buy” rating reiterated by research analysts at Benchmark in a research note issued on Thursday,Benzinga reports. They presently have a $44.00 price objective on the energy company’s stock. Benchmark’s target price suggests a potential upside of 17.08% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. TD Cowen dropped their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Barclays upped their price objective on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday. Citigroup dropped their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. 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 research note on Thursday, December 5th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $49.17.

Devon Energy Stock Up 7.7 %

Devon Energy stock opened at $37.58 on Thursday. The stock has a fifty day moving average of $34.31 and a 200 day moving average of $38.40. Devon Energy has a one year low of $30.39 and a one year high of $55.09. 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 stock has a market cap of $24.69 billion, a PE ratio of 8.24, a price-to-earnings-growth ratio of 1.09 and a beta of 1.98.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 23.17% and a net margin of 18.14%. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. As a group, sell-side analysts predict that Devon Energy will post 4.85 EPS for the current year.

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. Hurley Capital LLC purchased a new stake in shares of Devon Energy in the fourth quarter worth approximately $26,000. Accredited Wealth Management LLC bought a new position in Devon Energy in the fourth quarter worth approximately $28,000. Capital Performance Advisors LLP bought a new position in Devon Energy in the third quarter worth approximately $35,000. Cromwell Holdings LLC grew its stake in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares in the last quarter. Finally, Sierra Ocean LLC bought a new position in Devon Energy in the fourth quarter worth approximately $43,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.