Devon Energy (NYSE:DVN) Lowered to Hold at StockNews.com

StockNews.com cut shares of Devon Energy (NYSE:DVN) from a buy rating to a hold rating in a report published on Monday.

Several other research firms have also recently weighed in on DVN. Morgan Stanley lifted their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the stock an overweight rating in a research report on Monday, April 15th. Stifel Nicolaus boosted their target price on shares of Devon Energy from $65.00 to $66.00 and gave the stock a buy rating in a research report on Tuesday, April 23rd. Mizuho boosted their price objective on shares of Devon Energy from $57.00 to $61.00 and gave the stock a buy rating in a report on Monday, May 13th. Citigroup upped their target price on shares of Devon Energy from $55.00 to $62.00 and gave the company a buy rating in a research note on Thursday, April 11th. Finally, Barclays began coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They set an equal weight rating and a $59.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $59.24.

Devon Energy Stock Up 0.7 %

Shares of Devon Energy stock opened at $47.73 on Monday. The company has a market capitalization of $30.17 billion, a PE ratio of 9.11, a P/E/G ratio of 1.25 and a beta of 2.08. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09. The business has a 50-day moving average of $48.64 and a 200-day moving average of $46.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter last year, the company posted $1.46 earnings per share. Devon Energy’s revenue was down 5.9% on a year-over-year basis. As a group, equities analysts forecast that Devon Energy will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

Insider Buying and Selling at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently added to or reduced their stakes in the business. Ancora Advisors LLC lifted its position in shares of Devon Energy by 14.3% in the 3rd quarter. Ancora Advisors LLC now owns 4,274 shares of the energy company’s stock worth $204,000 after purchasing an additional 534 shares during the period. Schonfeld Strategic Advisors LLC lifted its stake in shares of Devon Energy by 24.7% in the third quarter. Schonfeld Strategic Advisors LLC now owns 82,800 shares of the energy company’s stock valued at $3,950,000 after buying an additional 16,408 shares in the last quarter. Truist Financial Corp lifted its stake in shares of Devon Energy by 3.3% in the third quarter. Truist Financial Corp now owns 399,978 shares of the energy company’s stock valued at $19,079,000 after buying an additional 12,700 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Devon Energy by 75.2% in the third quarter. Advisors Asset Management Inc. now owns 86,523 shares of the energy company’s stock valued at $4,127,000 after buying an additional 37,127 shares in the last quarter. Finally, Axxcess Wealth Management LLC lifted its stake in shares of Devon Energy by 6.1% in the third quarter. Axxcess Wealth Management LLC now owns 4,996 shares of the energy company’s stock valued at $238,000 after buying an additional 286 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.