Devon Energy (NYSE:DVN) Downgraded by Barclays to Equal Weight

Barclays cut shares of Devon Energy (NYSE:DVNGet Rating) from an overweight rating to an equal weight rating in a report released on Wednesday morning, Marketbeat reports. They currently have $73.00 target price on the energy company’s stock.

A number of other equities analysts have also recently commented on the company. Benchmark cut Devon Energy from a buy rating to a hold rating in a report on Wednesday, March 2nd. Susquehanna Bancshares boosted their price target on Devon Energy from $62.00 to $73.00 in a report on Monday, April 25th. Piper Sandler boosted their price objective on Devon Energy to $89.00 and gave the stock a na rating in a research report on Wednesday, May 18th. Credit Suisse Group boosted their price objective on Devon Energy from $58.00 to $60.00 and gave the stock an outperform rating in a research report on Wednesday, February 16th. Finally, Zacks Investment Research lowered Devon Energy from a buy rating to a hold rating and set a $76.00 price objective on the stock. in a research report on Wednesday, May 18th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Buy and an average target price of $68.33.

Devon Energy stock opened at $75.80 on Wednesday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.32 and a current ratio of 1.32. Devon Energy has a 52 week low of $24.05 and a 52 week high of $75.83. The stock has a market capitalization of $50.03 billion, a P/E ratio of 14.22 and a beta of 2.61. The stock has a fifty day moving average of $63.72 and a 200-day moving average of $54.05.

Devon Energy (NYSE:DVNGet Rating) last posted its quarterly earnings results on Monday, May 2nd. The energy company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. Devon Energy had a return on equity of 36.57% and a net margin of 25.69%. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter in the previous year, the firm earned $0.45 EPS. On average, research analysts forecast that Devon Energy will post 8.46 earnings per share for the current year.

Devon Energy declared that its board has approved a share buyback program on Monday, May 2nd that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the energy company to repurchase up to 4.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Monday, June 13th will be issued a $1.27 dividend. This is a positive change from Devon Energy’s previous quarterly dividend of $1.00. This represents a $5.08 dividend on an annualized basis and a dividend yield of 6.70%. The ex-dividend date of this dividend is Friday, June 10th. Devon Energy’s dividend payout ratio (DPR) is presently 75.05%.

In related news, EVP Dennis C. Cameron sold 19,580 shares of the stock in a transaction on Thursday, May 5th. The stock was sold at an average price of $68.22, for a total value of $1,335,747.60. Following the sale, the executive vice president now owns 274,806 shares in the company, valued at $18,747,265.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kelt Kindick sold 9,049 shares of the stock in a transaction on Friday, May 6th. The stock was sold at an average price of $68.03, for a total value of $615,603.47. Following the completion of the sale, the director now owns 42,590 shares in the company, valued at approximately $2,897,397.70. The disclosure for this sale can be found here. Insiders sold 184,254 shares of company stock valued at $11,316,229 over the last ninety days. Corporate insiders own 0.59% of the company’s stock.

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Devon Energy by 0.7% in the first quarter. Vanguard Group Inc. now owns 75,339,676 shares of the energy company’s stock worth $4,454,836,000 after buying an additional 541,701 shares in the last quarter. Invesco Ltd. raised its position in Devon Energy by 0.3% during the third quarter. Invesco Ltd. now owns 25,897,429 shares of the energy company’s stock valued at $919,617,000 after purchasing an additional 84,866 shares in the last quarter. GQG Partners LLC raised its position in Devon Energy by 3.6% during the first quarter. GQG Partners LLC now owns 15,031,333 shares of the energy company’s stock valued at $888,575,000 after purchasing an additional 523,911 shares in the last quarter. Bank of New York Mellon Corp raised its position in Devon Energy by 9.6% during the third quarter. Bank of New York Mellon Corp now owns 14,567,536 shares of the energy company’s stock valued at $517,294,000 after purchasing an additional 1,270,392 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Devon Energy by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 12,797,427 shares of the energy company’s stock valued at $562,357,000 after purchasing an additional 621,809 shares in the last quarter. Institutional investors own 87.01% of the company’s stock.

Devon Energy Company Profile (Get Rating)

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

Further Reading

Analyst Recommendations for Devon Energy (NYSE:DVN)

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