Devon Energy (NYSE:DVN) Upgraded at StockNews.com

StockNews.com upgraded shares of Devon Energy (NYSE:DVN) from a sell rating to a hold rating in a research note published on Wednesday morning.

DVN has been the topic of a number of other research reports. Wells Fargo & Company cut their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price for the company. in a research note on Thursday, December 5th. Raymond James lowered their target price on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Evercore ISI cut their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Finally, Mizuho decreased their price objective on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.05.

Devon Energy Stock Performance

Devon Energy stock opened at $31.20 on Wednesday. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09. The company’s 50-day moving average is $36.64 and its two-hundred day moving average is $41.50. 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 company has a market cap of $20.50 billion, a PE ratio of 5.79, a PEG ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the company posted $1.65 earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis. Equities analysts anticipate that Devon Energy will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.82%. Devon Energy’s dividend payout ratio is presently 16.33%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its holdings in shares of Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after purchasing an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. acquired a new position in Devon Energy during the 3rd quarter worth about $461,857,000. Pacer Advisors Inc. grew its position in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after buying an additional 1,677,652 shares during the last quarter. EnCap Partners GP LLC bought a new stake in shares of Devon Energy in the 3rd quarter valued at about $408,653,000. Finally, Victory Capital Management Inc. increased its stake in shares of Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after buying an additional 361,968 shares during the period. 69.72% of the stock is owned by institutional investors.

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.