Devon Energy (NYSE:DVN) Sets New 1-Year Low – Here’s What Happened

Devon Energy Co. (NYSE:DVN)’s share price hit a new 52-week low on Monday . The stock traded as low as $37.28 and last traded at $37.28, with a volume of 1703692 shares. The stock had previously closed at $37.95.

Analysts Set New Price Targets

Several research analysts have recently weighed in on DVN shares. Evercore ISI lowered their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Barclays lowered their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Morgan Stanley lowered their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. JPMorgan Chase & Co. lowered their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Finally, Mizuho decreased their price objective on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $51.15.

Devon Energy Stock Down 0.1 %

The business has a 50-day moving average price of $39.55 and a two-hundred day moving average price of $43.31. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm has a market cap of $24.69 billion, a PE ratio of 6.97, a price-to-earnings-growth ratio of 1.19 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 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the company earned $1.65 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. On average, equities research analysts expect that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.34%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

Several large investors have recently bought and sold shares of DVN. Triad Wealth Partners LLC acquired a new position in Devon Energy in the second quarter valued at $27,000. 1620 Investment Advisors Inc. acquired a new position in Devon Energy in the second quarter valued at $34,000. Capital Performance Advisors LLP acquired a new position in Devon Energy in the third quarter valued at $35,000. PSI Advisors LLC boosted its stake in Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in Devon Energy in the third quarter valued at $39,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.