Devon Energy (NYSE:DVN) Upgraded at StockNews.com

StockNews.com upgraded shares of Devon Energy (NYSE:DVN) from a sell rating to a hold rating in a research note released on Monday morning.

DVN has been the subject of a number of other research reports. Piper Sandler upped their target price on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Citigroup lowered their price target 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. Morgan Stanley decreased their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Finally, Wells Fargo & Company lowered their price objective on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $50.05.

Devon Energy Trading Down 3.3 %

NYSE:DVN opened at $31.10 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The company has a market capitalization of $20.43 billion, a P/E ratio of 5.77, a P/E/G ratio of 1.10 and a beta of 1.99. The stock’s 50 day moving average price is $38.14 and its 200 day moving average price is $42.24. Devon Energy has a 52 week low of $31.07 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the business earned $1.65 EPS. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, research analysts forecast that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.83%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Investors Weigh In On Devon Energy

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