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

StockNews.com lowered shares of Devon Energy (NYSE:DVN) from a buy rating to a hold rating in a research note published on Monday.

DVN has been the topic of a number of other reports. Royal Bank of Canada reaffirmed a sector perform rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday, July 9th. Susquehanna reaffirmed a positive rating and issued a $65.00 price target on shares of Devon Energy in a research note on Tuesday, July 9th. Morgan Stanley increased their price objective on Devon Energy from $52.00 to $54.00 and gave the company an overweight rating in a research note on Tuesday, July 9th. Bank of America reaffirmed a buy rating and set a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Finally, Wells Fargo & Company lowered their price target on shares of Devon Energy from $57.00 to $55.00 and set an overweight rating on the stock in a research report on Wednesday, August 14th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $58.75.

Devon Energy Stock Performance

NYSE DVN opened at $44.78 on Monday. The stock has a market capitalization of $28.04 billion, a price-to-earnings ratio of 8.55, a PEG ratio of 1.26 and a beta of 2.07. The stock has a 50-day moving average of $45.79 and a 200 day moving average of $47.63. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. Devon Energy has a twelve month low of $40.47 and a twelve month high of $55.09.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business’s revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.18 EPS. Sell-side analysts anticipate that Devon Energy will post 5.37 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 1.97%. Devon Energy’s payout ratio is currently 16.79%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Salem Investment Counselors Inc. raised its position in Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after purchasing an additional 199 shares during the period. Retirement Group LLC lifted its stake in Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after acquiring an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in Devon Energy by 7.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after acquiring an additional 209 shares in the last quarter. MCF Advisors LLC boosted its stake in shares of Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares during the period. Finally, Annex Advisory Services LLC increased its position in shares of Devon Energy by 0.8% during the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after acquiring an additional 223 shares during the period. 69.72% of the stock is 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.