Devon Energy (NYSE:DVN) Reaches New 12-Month Low Following Analyst Downgrade

Devon Energy Co. (NYSE:DVN)’s share price reached a new 52-week low during trading on Friday after Citigroup lowered their price target on the stock from $46.00 to $43.00. Citigroup currently has a buy rating on the stock. Devon Energy traded as low as $29.86 and last traded at $29.74, with a volume of 5884621 shares. The stock had previously closed at $33.16.

Other equities research analysts have also recently issued research reports about the stock. Wells Fargo & Company dropped their price objective 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. Susquehanna raised their price target on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research report on Thursday, February 20th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Williams Trading set a $50.00 target price on Devon Energy in a research report on Wednesday, March 5th. Finally, StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.17.

Hedge Funds Weigh In On Devon Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Hurley Capital LLC acquired a new stake in Devon Energy in the 4th quarter valued at about $26,000. Accredited Wealth Management LLC purchased a new stake in shares of Devon Energy in the fourth quarter valued at approximately $28,000. Cromwell Holdings LLC grew 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 purchasing an additional 598 shares in the last quarter. Sierra Ocean LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $43,000. Finally, Endeavor Private Wealth Inc. purchased a new position in Devon Energy during the fourth quarter worth approximately $52,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Down 11.7 %

The company has a market capitalization of $19.01 billion, a PE ratio of 6.42, a PEG ratio of 1.20 and a beta of 1.50. The company has a fifty day simple moving average of $35.22 and a 200-day simple moving average of $36.70. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Analysts predict that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.28%. The ex-dividend date was Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is presently 21.05%.

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.