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

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

A number of other equities analysts have also weighed in on DVN. Raymond James dropped their target price on shares of Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Citigroup dropped their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. BMO Capital Markets reduced their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Piper Sandler dropped their price target on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Finally, Jefferies Financial Group began coverage on Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target for the company. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the 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 Price Performance

NYSE:DVN opened at $31.24 on Wednesday. The stock has a market cap of $20.52 billion, a PE ratio of 5.80, a P/E/G ratio of 1.10 and a beta of 1.99. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The business’s 50-day simple moving average is $37.02 and its two-hundred day simple moving average is $41.68. Devon Energy has a 52 week low of $30.39 and a 52 week high of $55.09.

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

Devon Energy Dividend Announcement

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

Institutional Investors Weigh In On Devon Energy

Institutional investors and hedge funds have recently modified their holdings of the business. William B. Walkup & Associates Inc. purchased a new stake in Devon Energy in the second quarter worth $1,026,000. Legacy Investment Solutions LLC bought a new position in shares of Devon Energy in the third quarter worth about $8,002,000. Bridgewater Associates LP purchased a new position in Devon Energy in the 3rd quarter worth about $9,426,000. Petrus Trust Company LTA increased its stake in Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after buying an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after buying an additional 6,358 shares in the last quarter. 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.