Devon Energy (NYSE:DVN) Rating Increased 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 sent to investors on Friday.

Several other brokerages also recently commented on DVN. UBS Group dropped their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Truist Financial lowered Devon Energy from a “buy” rating to a “hold” rating and lowered their price objective for the company from $49.00 to $43.00 in a research note on Thursday, November 7th. Mizuho cut their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Raymond James decreased their price target on shares of Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Finally, Evercore ISI cut their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Eleven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.81.

Devon Energy Stock Performance

NYSE DVN opened at $33.93 on Friday. 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 has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The business has a fifty day moving average of $35.97 and a 200-day moving average of $41.04. The stock has a market cap of $22.29 billion, a price-to-earnings ratio of 6.30, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99.

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

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.59%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

Institutional Trading of Devon Energy

Several hedge funds have recently bought and sold shares of DVN. Everence Capital Management Inc. grew its position in Devon Energy by 19.4% in the 4th quarter. Everence Capital Management Inc. now owns 33,140 shares of the energy company’s stock worth $1,085,000 after purchasing an additional 5,380 shares during the last quarter. Independent Solutions Wealth Management LLC grew its holdings in Devon Energy by 38.0% in the 3rd quarter. Independent Solutions Wealth Management LLC now owns 13,781 shares of the energy company’s stock worth $539,000 after buying an additional 3,797 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Devon Energy by 1.0% in the 3rd quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company’s stock worth $28,635,000 after buying an additional 7,487 shares in the last quarter. IMS Capital Management increased its position in Devon Energy by 49.3% in the 3rd quarter. IMS Capital Management now owns 18,660 shares of the energy company’s stock valued at $730,000 after acquiring an additional 6,165 shares during the period. Finally, Franklin Resources Inc. raised its stake in Devon Energy by 90.1% during the 3rd quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company’s stock valued at $58,435,000 after acquiring an additional 646,045 shares in 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.