Devon Energy (NYSE:DVN) Sets New 1-Year Low on Analyst Downgrade

Shares of Devon Energy Co. (NYSE:DVN) hit a new 52-week low during trading on Tuesday after Citigroup lowered their price target on the stock from $55.00 to $48.00. Citigroup currently has a buy rating on the stock. Devon Energy traded as low as $37.54 and last traded at $37.67, with a volume of 1964919 shares traded. The stock had previously closed at $38.27.

DVN has been the topic of several other research reports. Piper Sandler raised their target price on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Scotiabank dropped their price target on shares of 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. Raymond James reduced their price objective on shares of Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Susquehanna cut their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Finally, Evercore ISI reduced their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $51.15.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently modified their holdings of the business. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy during the 2nd quarter worth $27,000. 1620 Investment Advisors Inc. acquired a new position in Devon Energy during the second quarter worth about $34,000. Capital Performance Advisors LLP purchased a new position in Devon Energy in the third quarter valued at about $35,000. PSI Advisors LLC lifted its position in shares of Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the period. Finally, LRI Investments LLC purchased a new stake in shares of Devon Energy during the 1st quarter worth approximately $39,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Down 1.5 %

The firm has a market cap of $24.77 billion, a price-to-earnings ratio of 7.00, a PEG ratio of 1.25 and a beta of 2.03. The business has a fifty day moving average of $39.91 and a two-hundred day moving average of $43.81. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

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

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.33%. Devon Energy’s dividend payout ratio is currently 16.33%.

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.