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

Devon Energy Co. (NYSE:DVN) reached a new 52-week low during trading on Monday after Mizuho lowered their price target on the stock from $51.00 to $47.00. Mizuho currently has an outperform rating on the stock. Devon Energy traded as low as $33.19 and last traded at $33.37, with a volume of 1482280 shares. The stock had previously closed at $33.88.

A number of other research firms have also recently commented on DVN. Piper Sandler raised their target price on shares of Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Raymond James decreased their target price on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. StockNews.com cut shares of Devon Energy from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Jefferies Financial Group initiated coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price on the stock. Finally, Susquehanna reduced their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $50.55.

Institutional Investors Weigh In On Devon Energy

Large investors have recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. boosted its stake in Devon Energy by 5.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 6,018 shares of the energy company’s stock worth $285,000 after buying an additional 335 shares during the period. Western Wealth Management LLC boosted its stake in Devon Energy by 4.3% during the second quarter. Western Wealth Management LLC now owns 8,976 shares of the energy company’s stock worth $425,000 after buying an additional 368 shares during the period. Nisa Investment Advisors LLC boosted its stake in Devon Energy by 59.2% during the second quarter. Nisa Investment Advisors LLC now owns 90,101 shares of the energy company’s stock worth $4,271,000 after buying an additional 33,515 shares during the period. Apollon Wealth Management LLC boosted its stake in Devon Energy by 12.2% during the second quarter. Apollon Wealth Management LLC now owns 39,562 shares of the energy company’s stock worth $1,875,000 after buying an additional 4,302 shares during the period. Finally, Fifth Third Bancorp boosted its stake in Devon Energy by 1.4% during the second quarter. Fifth Third Bancorp now owns 22,255 shares of the energy company’s stock worth $1,055,000 after buying an additional 299 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

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’s 50 day simple moving average is $38.54 and its 200 day simple moving average is $42.43. The company has a market capitalization of $21.40 billion, a PE ratio of 6.04, a price-to-earnings-growth ratio of 1.10 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 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.65 earnings per share. As a group, research analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

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.