Devon Energy (NYSE:DVN) Sets New 12-Month Low After Analyst Downgrade

Shares of Devon Energy Co. (NYSE:DVN) reached a new 52-week low during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $55.00 to $48.00. Citigroup currently has a buy rating on the stock. Devon Energy traded as low as $37.54 and last traded at $37.67, with a volume of 1964919 shares. The stock had previously closed at $38.27.

A number of other research firms also recently issued reports on DVN. Evercore ISI lowered their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. TD Cowen dropped 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 report on Tuesday, November 5th. Wells Fargo & Company cut their target price 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. Morgan Stanley lowered their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $51.15.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. Triad Wealth Partners LLC bought a new stake in Devon Energy during the 2nd quarter valued at $27,000. 1620 Investment Advisors Inc. bought a new position in Devon Energy during the 2nd quarter valued at $34,000. Capital Performance Advisors LLP acquired a new position in Devon Energy during the third quarter worth about $35,000. PSI Advisors LLC grew its position in Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares during the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Devon Energy during the first quarter valued at $39,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Down 1.5 %

The business’s 50 day simple moving average is $39.91 and its 200 day simple moving average is $43.81. The company has a market capitalization of $24.77 billion, a PE ratio of 7.00, a price-to-earnings-growth ratio of 1.25 and a beta of 2.03. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.65 earnings per share. As a group, analysts forecast that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders 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 2.33%. Devon Energy’s payout ratio is 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.