Devon Energy (NYSE:DVN) Reaches New 12-Month Low on Analyst Downgrade

Devon Energy Co. (NYSE:DVN) shares hit a new 52-week low during mid-day trading on Friday after Citigroup lowered their price target on the stock from $46.00 to $43.00. Citigroup currently has a buy rating on the stock. Devon Energy traded as low as $29.86 and last traded at $29.74, with a volume of 5884621 shares. The stock had previously closed at $33.16.

Other equities analysts have also recently issued research reports about the stock. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Wednesday, January 15th. Truist Financial boosted their price target on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Piper Sandler increased their price objective on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Mizuho reduced their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Finally, Susquehanna upped their target price on Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a research note on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.17.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently modified their holdings of DVN. Hurley Capital LLC bought a new stake in shares of Devon Energy in the fourth quarter worth about $26,000. Accredited Wealth Management LLC purchased a new position in shares of Devon Energy during the fourth quarter valued at approximately $28,000. Cromwell Holdings LLC raised its holdings in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after acquiring an additional 598 shares in the last quarter. Sierra Ocean LLC purchased a new stake in Devon Energy in the fourth quarter worth $43,000. Finally, Endeavor Private Wealth Inc. bought a new stake in Devon Energy in the fourth quarter valued at $52,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 11.7 %

The stock’s 50-day simple moving average is $35.22 and its 200-day simple moving average is $36.72. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The firm has a market capitalization of $19.01 billion, a PE ratio of 6.42, a P/E/G ratio of 1.20 and a beta of 1.50.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. As a group, sell-side analysts expect that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date was Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is 21.05%.

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.