Devon Energy (NYSE:DVN) Earns “Buy” Rating from Benchmark

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

Other analysts have also recently issued research reports about the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Friday, January 3rd. Piper Sandler raised their price objective on Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Citigroup lowered their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Finally, StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.17.

Devon Energy Stock Up 7.7 %

Shares of NYSE DVN opened at $37.58 on Thursday. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a market capitalization 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. The stock’s fifty day simple moving average is $34.31 and its two-hundred day simple moving average is $38.40. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last announced its 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. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 23.17% and a net margin of 18.14%. As a group, analysts expect that Devon Energy will post 4.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently bought and sold shares of DVN. Hurley Capital LLC purchased a new position in Devon Energy during the fourth quarter worth approximately $26,000. Accredited Wealth Management LLC purchased a new position in Devon Energy during the fourth quarter worth approximately $28,000. Capital Performance Advisors LLP purchased a new position in shares of Devon Energy in the third quarter valued at approximately $35,000. Cromwell Holdings LLC lifted its position in shares of Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after acquiring an additional 598 shares in the last quarter. Finally, Sierra Ocean LLC purchased a new position in shares of Devon Energy in the fourth quarter valued at approximately $43,000. Hedge funds and other institutional investors 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.