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 report published on Monday morning.

Other research analysts have also issued reports about the company. Citigroup reduced their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. BMO Capital Markets cut their price objective on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Scotiabank lowered their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Morgan Stanley cut their price target on shares of 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 shares of Devon Energy from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $49.00 to $43.00 in a research note on Thursday, November 7th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $50.55.

Devon Energy Stock Down 3.9 %

Shares of Devon Energy stock opened at $32.58 on Monday. 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 company has a market cap of $21.40 billion, a P/E ratio of 6.04, a PEG ratio of 1.10 and a beta of 1.99. The firm’s 50 day moving average price is $38.54 and its 200-day moving average price is $42.43. Devon Energy has a 52-week low of $32.56 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the company earned $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, sell-side analysts predict that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.70%. Devon Energy’s dividend payout ratio is presently 16.33%.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. 1620 Investment Advisors Inc. purchased a new stake in shares of Devon Energy during the 2nd quarter worth about $34,000. Capital Performance Advisors LLP acquired a new position in Devon Energy in the 3rd quarter worth about $35,000. PSI Advisors LLC boosted its position in 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 purchasing an additional 300 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Devon Energy in the third quarter valued at approximately $39,000. Finally, True Wealth Design LLC increased its position in shares of Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.