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

StockNews.com upgraded shares of Devon Energy (NYSE:DVN) from a sell rating to a hold rating in a research report released on Wednesday.

Several other equities analysts have also issued reports on DVN. Susquehanna cut their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. 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. UBS Group reduced their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. TD Cowen dropped their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Finally, Citigroup reduced their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Devon Energy has an average rating of “Hold” and an average target price of $50.05.

Devon Energy Price Performance

DVN opened at $31.24 on Wednesday. The company has a market capitalization of $20.52 billion, a price-to-earnings ratio of 5.80, a PEG ratio of 1.10 and a beta of 1.99. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09. The business’s fifty day simple moving average is $37.02 and its 200-day simple moving average is $41.68.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.65 earnings per share. On average, equities research analysts anticipate that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.82%. Devon Energy’s payout ratio is currently 16.33%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. EnCap Energy Capital Fund XI L.P. acquired a new stake in shares of Devon Energy during the 3rd quarter worth approximately $461,857,000. EnCap Partners GP LLC acquired a new stake in Devon Energy during the third quarter valued at $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in Devon Energy in the third quarter valued at $230,928,000. International Assets Investment Management LLC raised its position in shares of Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after acquiring an additional 2,226,983 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in shares of Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after acquiring an additional 1,677,652 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

About Devon Energy

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.