Devon Energy (NYSE:DVN) Lowered to Hold Rating by Truist Financial

Truist Financial downgraded shares of Devon Energy (NYSE:DVN) from a buy rating to a hold rating in a research report sent to investors on Thursday morning, Marketbeat reports. They currently have $43.00 target price on the energy company’s stock, down from their prior target price of $49.00.

DVN has been the subject of several other research reports. JPMorgan Chase & Co. reduced their price target on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Wolfe Research assumed coverage on Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Susquehanna lowered their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. BMO Capital Markets dropped their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Finally, TD Cowen cut their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $51.80.

Devon Energy Stock Performance

Shares of Devon Energy stock traded down $0.01 during trading on Thursday, hitting $38.88. 5,589,521 shares of the stock were exchanged, compared to its average volume of 7,419,979. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $24.35 billion, a price-to-earnings ratio of 7.06, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. The company has a fifty day moving average price of $40.60 and a 200-day moving average price of $44.99. Devon Energy has a 1-year low of $37.76 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data 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 company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. Devon Energy’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.65 earnings per share. As a group, equities analysts predict that Devon Energy will post 4.93 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio is presently 15.97%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Vanguard Group Inc. increased its holdings in shares of Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after acquiring an additional 2,559,039 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Devon Energy by 3.8% in the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after buying an additional 361,968 shares in the last quarter. Pacer Advisors Inc. grew its stake in Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after buying an additional 1,428,776 shares during the last quarter. Raymond James & Associates increased its position in Devon Energy by 1.5% in the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock valued at $435,311,000 after acquiring an additional 138,919 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after acquiring an additional 1,255,543 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.