Devon Energy (NYSE:DVN) Cut to Hold at Cowen

Cowen lowered shares of Devon Energy (NYSE:DVN) to a hold rating in a report published on Tuesday morning. The brokerage currently has $45.00 target price on the energy company’s stock, down from their previous target price of $46.00.

Other equities analysts have also recently issued reports about the company. TD Cowen dropped their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Mizuho decreased their price target 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. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a research report on Thursday, December 5th. Finally, Truist Financial decreased their price target on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a research report on Monday, January 13th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.83.

Devon Energy Trading Up 2.7 %

Shares of DVN opened at $38.60 on Tuesday. Devon Energy has a 1 year low of $30.39 and a 1 year 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 50 day simple moving average of $34.40 and a 200-day simple moving average of $38.40. The stock has a market cap of $25.35 billion, a PE ratio of 8.46, a PEG ratio of 1.09 and a beta of 1.98.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 23.17% and a net margin of 18.14%. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. On average, sell-side analysts predict that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.24 dividend. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 19.30%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hurley Capital LLC bought a new position in shares of Devon Energy in the 4th quarter worth $26,000. Accredited Wealth Management LLC bought a new position in shares of Devon Energy in the 4th quarter worth $28,000. Capital Performance Advisors LLP bought a new position in shares of Devon Energy in the 3rd quarter worth $35,000. Cromwell Holdings LLC boosted its position in shares of Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares during the last quarter. Finally, Sierra Ocean LLC bought a new position in shares of Devon Energy in the 4th quarter worth $43,000. 69.72% of the stock is currently owned by 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.