Devon Energy (NYSE:DVN) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Devon Energy (NYSE:DVN) from a hold rating to a sell rating in a report issued on Thursday.

A number of other brokerages also recently weighed in on DVN. BMO Capital Markets cut their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research note on Tuesday, September 3rd. Sanford C. Bernstein dropped their price target on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. UBS Group dropped their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Finally, Wolfe Research started coverage on shares of Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $51.80.

Devon Energy Stock Performance

Shares of NYSE:DVN traded down $0.03 on Thursday, reaching $38.86. 5,701,086 shares of the company’s stock were exchanged, compared to its average volume of 7,418,489. The company has a fifty day moving average of $40.60 and a 200-day moving average of $44.99. Devon Energy has a twelve month low of $37.76 and a twelve month high of $55.09. The company has a market capitalization of $24.33 billion, a price-to-earnings ratio of 7.06, a PEG ratio of 1.20 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the business posted $1.65 EPS. The business’s revenue was up 4.9% compared to the same quarter last year. On average, research analysts predict that Devon Energy will post 4.93 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 15.97%.

Hedge Funds Weigh In On Devon Energy

Institutional investors have recently made changes to their positions in the stock. Triad Wealth Partners LLC bought a new position in shares of Devon Energy in the 2nd quarter worth $27,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Devon Energy in the 2nd quarter valued at $34,000. Capital Performance Advisors LLP purchased a new stake in shares of Devon Energy in the 3rd quarter valued at $35,000. PSI Advisors LLC boosted its stake in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Devon Energy in the 1st quarter valued at $39,000. 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.