Devon Energy (NYSE:DVN) Reaches New 1-Year Low on Analyst Downgrade

Shares of Devon Energy Co. (NYSE:DVN) reached a new 52-week low during trading on Thursday after Mizuho lowered their price target on the stock from $49.00 to $46.00. Mizuho currently has an outperform rating on the stock. Devon Energy traded as low as $25.89 and last traded at $31.15, with a volume of 21568210 shares. The stock had previously closed at $26.80.

A number of other brokerages have also issued reports on DVN. Raymond James decreased their price target on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research note on Monday, March 10th. Cowen lowered shares of Devon Energy to a “hold” rating and decreased their price objective for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Williams Trading set a $50.00 price target on shares of Devon Energy in a research note on Wednesday, March 5th. Citigroup dropped their price objective on Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a research note on Friday, April 4th. Finally, Susquehanna increased their price target on Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a research report on Thursday, February 20th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $47.63.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Gilman Hill Asset Management LLC lifted its position in Devon Energy by 58.7% during the 1st quarter. Gilman Hill Asset Management LLC now owns 235,712 shares of the energy company’s stock worth $8,816,000 after acquiring an additional 87,210 shares during the period. Secure Asset Management LLC acquired a new position in Devon Energy in the 1st quarter worth approximately $201,000. Chronos Wealth Management LLC acquired a new stake in Devon Energy during the 1st quarter valued at approximately $237,000. Brave Asset Management Inc. lifted its position in Devon Energy by 29.4% during the first quarter. Brave Asset Management Inc. now owns 13,200 shares of the energy company’s stock valued at $494,000 after purchasing an additional 3,000 shares during the period. Finally, Kwmg LLC grew its position in Devon Energy by 5.9% during the 1st quarter. Kwmg LLC now owns 134,055 shares of the energy company’s stock worth $5,014,000 after purchasing an additional 7,436 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 10.7 %

The firm has a market cap of $18.00 billion, a price-to-earnings ratio of 6.08, a PEG ratio of 1.20 and a beta of 1.50. The company has a fifty day moving average price of $34.50 and a 200-day moving average price of $36.22. 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 issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. As a group, research analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend was Friday, March 14th. Devon Energy’s dividend 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.