Devon Energy (NYSE:DVN) Rating Lowered to Hold at StockNews.com

Devon Energy (NYSE:DVN) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Monday.

Several other equities research analysts have also issued reports on the stock. UBS Group increased their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Susquehanna increased their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Morgan Stanley increased their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. JPMorgan Chase & Co. increased their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Finally, Royal Bank of Canada increased their price objective on shares of Devon Energy from $55.00 to $57.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 9th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $59.24.

Devon Energy Stock Performance

Shares of DVN opened at $47.77 on Monday. 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 quick ratio of 0.97 and a current ratio of 1.04. The company’s 50 day simple moving average is $48.55 and its 200 day simple moving average is $46.97. The company has a market capitalization of $30.19 billion, a price-to-earnings ratio of 9.12, a PEG ratio of 1.25 and a beta of 2.07.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the prior year, the business posted $1.46 earnings per share. Devon Energy’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, sell-side analysts predict that Devon Energy will post 5.25 EPS for the current year.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on 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 directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.73% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after buying an additional 2,559,039 shares during the last quarter. Morgan Stanley lifted its position in shares of Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares during the last quarter. Raymond James & Associates lifted its position in shares of Devon Energy by 8.9% in the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after buying an additional 736,449 shares during the last quarter. Victory Capital Management Inc. lifted its position in Devon Energy by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after purchasing an additional 68,339 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after purchasing an additional 1,488,374 shares during the last quarter. 69.72% of the stock is currently owned by 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.