Devon Energy (NYSE:DVN) Sets New 1-Year Low Following Analyst Downgrade

Devon Energy Co. (NYSE:DVN)’s share price reached a new 52-week low during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $55.00 to $48.00. Citigroup currently has a buy rating on the stock. Devon Energy traded as low as $37.54 and last traded at $37.67, with a volume of 1964919 shares changing hands. The stock had previously closed at $38.27.

DVN has been the topic of a number of other reports. Mizuho reduced their price target on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. Wells Fargo & Company decreased their target price on Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. Barclays dropped their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Morgan Stanley reduced their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Finally, Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and lowered their target price for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $51.15.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of DVN. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy during the second quarter worth $27,000. 1620 Investment Advisors Inc. purchased a new stake in Devon Energy in the 2nd quarter valued at about $34,000. Capital Performance Advisors LLP bought a new position in Devon Energy in the 3rd quarter worth about $35,000. PSI Advisors LLC increased its position in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares during the period. Finally, LRI Investments LLC bought a new stake in shares of Devon Energy during the first quarter valued at approximately $39,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Up 0.3 %

The stock has a market cap of $24.85 billion, a PE ratio of 7.05, a price-to-earnings-growth ratio of 1.21 and a beta of 2.03. The business has a fifty day moving average of $39.85 and a 200-day moving average of $43.73. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

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

Devon Energy Announces Dividend

The firm 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 dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

About Devon Energy

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.