Devon Energy (NYSE:DVN) Downgraded by StockNews.com to “Hold”

Devon Energy (NYSE:DVN) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report issued on Thursday.

Several other research analysts have also recently commented on the company. Morgan Stanley increased their price target on Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. BMO Capital Markets raised Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Wolfe Research started coverage on shares of Devon Energy in a report on Thursday. They set a “peer perform” rating on the stock. Bank of America reiterated a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a research note on Friday, June 14th. Finally, Truist Financial lowered their price objective on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, July 9th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $59.25.

Devon Energy Stock Down 0.4 %

Shares of DVN stock traded down $0.19 during trading on Thursday, reaching $48.46. The company’s stock had a trading volume of 4,771,392 shares, compared to its average volume of 7,266,119. Devon Energy has a one year low of $40.47 and a one year high of $55.09. The business has a fifty day moving average price of $47.58 and a 200-day moving average price of $47.08. The company has a market cap of $30.63 billion, a price-to-earnings ratio of 9.25, a price-to-earnings-growth ratio of 1.25 and a beta of 2.07. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46.

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 for the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the previous year, the firm posted $1.46 EPS. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. Analysts anticipate that Devon Energy will post 5.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

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

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.