Devon Energy (NYSE:DVN) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Devon Energy (NYSE:DVN) from a buy rating to a hold rating in a research report sent to investors on Monday morning.

A number of other equities analysts have also recently weighed in on the company. Barclays assumed coverage on Devon Energy in a report on Wednesday, April 10th. They issued an equal weight rating and a $59.00 price target for the company. JPMorgan Chase & Co. upped their price target on Devon Energy from $57.00 to $62.00 and gave the stock an overweight rating in a report on Monday, April 8th. Scotiabank increased their target price on Devon Energy from $53.00 to $67.00 and gave the company a sector outperform rating in a research note on Thursday, April 11th. Piper Sandler increased their target price on Devon Energy from $60.00 to $61.00 and gave the company an overweight rating in a research note on Tuesday, May 14th. Finally, Wells Fargo & Company upgraded Devon Energy from an equal weight rating to an overweight rating and increased their target price for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $59.24.

Devon Energy Stock Up 0.7 %

NYSE DVN opened at $48.11 on Monday. The stock has a market cap of $30.41 billion, a PE ratio of 9.18, a P/E/G ratio of 1.26 and a beta of 2.07. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The business has a 50 day moving average price of $48.38 and a two-hundred day moving average price of $46.99. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. Devon Energy’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 EPS. As a group, sell-side analysts predict that Devon Energy will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.83%. The ex-dividend date was Friday, June 14th. Devon Energy’s dividend payout ratio is presently 16.79%.

Insiders Place Their Bets

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.73% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of DVN. Pacer Advisors Inc. increased its holdings in shares of Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after purchasing an additional 5,700,167 shares during the period. Vanguard Group Inc. increased its holdings in shares of Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares during the period. Morgan Stanley increased its holdings in shares of Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after purchasing an additional 2,220,194 shares during the period. International Assets Investment Management LLC boosted its stake in Devon Energy by 3,885.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after buying an additional 1,652,671 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after buying an additional 1,488,374 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.