Devon Energy (NYSE:DVN) Upgraded 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 Wednesday.

Other research analysts also recently issued research reports about the stock. Barclays dropped their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Mizuho dropped their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Piper Sandler reduced their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Scotiabank dropped their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Finally, Jefferies Financial Group started coverage on Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price target on the stock. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $50.05.

Devon Energy Stock Performance

Shares of DVN opened at $31.20 on Wednesday. The firm’s fifty day simple moving average is $36.64 and its two-hundred day simple moving average is $41.50. Devon Energy has a 12 month low of $30.39 and a 12 month high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $20.50 billion, a P/E ratio of 5.79, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the firm posted $1.65 earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis. As a group, analysts predict that Devon Energy will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The firm 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 $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.82%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Trading of Devon Energy

Several hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in shares of Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after acquiring an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. purchased a new position in Devon Energy in the third quarter valued at approximately $461,857,000. Pacer Advisors Inc. grew its holdings in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the period. EnCap Partners GP LLC purchased a new stake in Devon Energy in the third quarter worth $408,653,000. Finally, Victory Capital Management Inc. raised its stake in shares of Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after buying an additional 361,968 shares during the period. Institutional investors own 69.72% of the company’s stock.

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.