Devon Energy (NYSE:DVN) Sets New 1-Year Low After Analyst Downgrade

Devon Energy Co. (NYSE:DVN) shares hit a new 52-week low during mid-day trading on Monday after Mizuho lowered their price target on the stock from $51.00 to $47.00. Mizuho currently has an outperform rating on the stock. Devon Energy traded as low as $33.19 and last traded at $33.37, with a volume of 1482280 shares trading hands. The stock had previously closed at $33.88.

Other analysts have also issued reports about the stock. Jefferies Financial Group initiated coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price for the company. TD Cowen lowered their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Susquehanna lowered their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Barclays lowered their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Finally, Raymond James lowered their price objective on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy presently has an average rating of “Hold” and a consensus price target of $50.55.

Hedge Funds Weigh In On Devon Energy

Large investors have recently added to or reduced their stakes in the company. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy during the second quarter valued at about $34,000. PSI Advisors LLC increased its holdings 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 valued at $36,000 after acquiring an additional 300 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Devon Energy during the third quarter valued at about $35,000. Future Financial Wealth Managment LLC acquired a new position in shares of Devon Energy during the third quarter valued at about $39,000. Finally, True Wealth Design LLC increased its holdings in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after acquiring an additional 1,089 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Down 3.9 %

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The stock has a market cap of $21.40 billion, a price-to-earnings ratio of 6.04, a P/E/G ratio of 1.10 and a beta of 1.99. The company’s fifty day moving average price is $38.54 and its 200-day moving average price is $42.43.

Devon Energy (NYSE:DVN) last posted 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 firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the company posted $1.65 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, research analysts expect that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given 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 yield of 2.70%. Devon Energy’s dividend payout ratio is currently 16.33%.

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.