Cowen Downgrades Devon Energy (NYSE:DVN) to Hold

Devon Energy (NYSE:DVN) was downgraded by analysts at Cowen to a “hold” rating in a note issued to investors on Tuesday. They presently have a $45.00 price objective on the energy company’s stock, down from their prior price objective of $46.00. Cowen’s price target points to a potential upside of 27.50% from the company’s current price.

A number of other equities analysts have also recently issued reports on the stock. TD Cowen cut their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Benchmark raised Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Tuesday, January 14th. Mizuho cut their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Finally, Truist Financial cut their price target on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a report on Monday, January 13th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.26.

Devon Energy Stock Up 1.9 %

NYSE:DVN traded up $0.65 during mid-day trading on Tuesday, hitting $35.29. The company had a trading volume of 5,731,467 shares, compared to its average volume of 9,143,240. The business has a fifty day simple moving average of $34.25 and a 200-day simple moving average of $38.46. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $23.18 billion, a price-to-earnings ratio of 6.55, a PEG ratio of 1.04 and a beta of 1.98. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after buying an additional 5,465,692 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Devon Energy by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after buying an additional 1,038,305 shares in the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy during the third quarter worth approximately $461,857,000. Pacer Advisors Inc. increased its position in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. Finally, EnCap Partners GP LLC purchased a new stake in shares of Devon Energy during the third quarter worth approximately $408,653,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.