Devon Energy (NYSE:DVN) Cut 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 morning.

A number of other brokerages also recently commented on DVN. Susquehanna upped their target price on Devon Energy from $52.00 to $65.00 and gave the stock a positive rating in a research note on Monday, April 22nd. Wells Fargo & Company upgraded Devon Energy from an equal weight rating to an overweight rating and increased their price target for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Truist Financial lowered their price target on Devon Energy from $69.00 to $67.00 and set a buy rating on the stock in a research report on Friday, May 3rd. Bank of America reiterated a buy rating and set a $64.00 price target on shares of Devon Energy in a research report on Friday, June 14th. Finally, UBS Group increased their price target on Devon Energy from $48.00 to $57.00 and gave the stock a neutral rating in a research report on Wednesday, April 10th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Devon Energy currently has a consensus rating of Moderate Buy and an average price target of $59.24.

Devon Energy Stock Up 0.7 %

Shares of DVN opened at $48.11 on Monday. Devon Energy has a 52 week low of $40.47 and a 52 week high of $55.09. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $30.41 billion, a price-to-earnings ratio of 9.18, a PEG ratio of 1.25 and a beta of 2.07. The stock’s 50-day moving average price is $48.47 and its 200-day moving average price is $46.98.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the prior year, the business earned $1.46 earnings per share. The company’s revenue was down 5.9% compared to the same quarter last year. On average, sell-side analysts predict that Devon Energy will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.83%. Devon Energy’s dividend payout ratio is presently 16.79%.

Insider Activity at Devon Energy

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

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. M&R Capital Management Inc. increased its stake in Devon Energy by 0.6% during the second quarter. M&R Capital Management Inc. now owns 175,661 shares of the energy company’s stock worth $8,326,000 after acquiring an additional 986 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its stake in Devon Energy by 15.8% during the second quarter. Massmutual Trust Co. FSB ADV now owns 3,091 shares of the energy company’s stock worth $147,000 after acquiring an additional 422 shares during the last quarter. GAMMA Investing LLC increased its stake in Devon Energy by 48.9% during the second quarter. GAMMA Investing LLC now owns 16,268 shares of the energy company’s stock worth $771,000 after acquiring an additional 5,341 shares during the last quarter. Park Place Capital Corp increased its stake in Devon Energy by 93.4% during the second quarter. Park Place Capital Corp now owns 8,719 shares of the energy company’s stock worth $413,000 after acquiring an additional 4,210 shares during the last quarter. Finally, Cullen Investment Group LTD. boosted its position in shares of Devon Energy by 2.4% during the second quarter. Cullen Investment Group LTD. now owns 108,714 shares of the energy company’s stock worth $5,153,000 after buying an additional 2,514 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.