Devon Energy (NYSE:DVN) Downgraded by StockNews.com

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

Other equities analysts have also issued research reports about the stock. UBS Group lifted their price target on shares of Devon Energy from $48.00 to $57.00 and gave the stock a neutral rating in a report on Wednesday, April 10th. Wells Fargo & Company upgraded shares of Devon Energy from an equal weight rating to an overweight rating and lifted their price target for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Susquehanna reiterated a positive rating and set a $65.00 price target on shares of Devon Energy in a report on Tuesday, July 9th. Royal Bank of Canada reiterated a sector perform rating and set a $57.00 price target on shares of Devon Energy in a report on Tuesday, July 9th. Finally, Piper Sandler lifted their price target on shares of Devon Energy from $60.00 to $61.00 and gave the stock an overweight rating in a report on Tuesday, May 14th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $59.25.

Devon Energy Stock Down 1.5 %

Shares of NYSE DVN opened at $47.74 on Thursday. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The firm has a market cap of $30.17 billion, a PE ratio of 9.11, a price-to-earnings-growth ratio of 1.24 and a beta of 2.07. The company has a 50 day simple moving average of $47.54 and a 200 day simple moving average of $47.11.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.46 earnings per share. On average, research analysts forecast that Devon Energy will post 5.4 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.84%. Devon Energy’s dividend payout ratio is currently 16.79%.

Insider Activity

In other news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Devon Energy

Institutional investors have recently made changes to their positions in the stock. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy during the second quarter worth about $27,000. Manchester Capital Management LLC bought a new stake in shares of Devon Energy during the fourth quarter worth about $28,000. Tradewinds Capital Management LLC bought a new stake in shares of Devon Energy during the first quarter worth about $30,000. Sound Income Strategies LLC increased its position in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares in the last quarter. Finally, Jones Financial Companies Lllp increased its position in shares of Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares in the last quarter. 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.