Devon Energy (NYSE:DVN) Downgraded by StockNews.com to Sell

StockNews.com cut shares of Devon Energy (NYSE:DVN) from a hold rating to a sell rating in a research note published on Wednesday morning.

Other equities analysts have also issued research reports about the company. Mizuho decreased their target price on Devon Energy from $49.00 to $46.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Piper Sandler lowered their price objective on shares of Devon Energy from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Raymond James set a $40.00 price objective on shares of Devon Energy in a report on Monday, April 21st. UBS Group reduced their target price on shares of Devon Energy from $41.00 to $35.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Finally, Morgan Stanley set a $47.00 price target on shares of Devon Energy and gave the stock an “overweight” rating in a research note on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average target price of $43.96.

Devon Energy Price Performance

Shares of DVN opened at $30.28 on Wednesday. The firm has a 50-day simple moving average of $32.63 and a two-hundred day simple moving average of $34.86. The stock has a market cap of $19.48 billion, a PE ratio of 6.64, a P/E/G ratio of 1.20 and a beta of 1.00. Devon Energy has a 1-year low of $25.89 and a 1-year high of $51.20. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.06). The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter last year, the business posted $1.16 EPS. As a group, analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.17%. The ex-dividend date is Friday, June 13th. Devon Energy’s payout ratio is 21.05%.

Institutional Trading of Devon Energy

Several institutional investors and hedge funds have recently made changes to their positions in DVN. Vanguard Group Inc. lifted its stake in Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after buying an additional 5,465,692 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Devon Energy in the 4th quarter valued at $154,170,000. Fuller & Thaler Asset Management Inc. raised its position in Devon Energy by 42.8% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock valued at $340,236,000 after purchasing an additional 3,114,656 shares during the last quarter. Marshall Wace LLP boosted its stake in Devon Energy by 135.5% during the 4th quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company’s stock worth $175,810,000 after purchasing an additional 3,090,585 shares during the period. Finally, Invesco Ltd. grew its position in Devon Energy by 32.8% during the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after purchasing an additional 2,335,473 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other 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.