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

StockNews.com lowered shares of Devon Energy (NYSE:DVN) from a buy rating to a hold rating in a report released on Monday morning.

DVN has been the subject of several other research reports. Bank of America reiterated a buy rating and issued a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. BMO Capital Markets upgraded shares of Devon Energy to a strong-buy rating in a research note on Wednesday, July 3rd. Susquehanna reiterated a positive rating and issued a $65.00 target price on shares of Devon Energy in a research note on Tuesday, July 9th. Wells Fargo & Company reduced their target price on shares of Devon Energy from $57.00 to $55.00 and set an overweight rating for the company in a research note on Wednesday, August 14th. Finally, Wolfe Research began coverage on shares of Devon Energy in a research note on Thursday, July 18th. They issued a peer perform rating for the company. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $58.63.

Devon Energy Stock Performance

Shares of DVN stock opened at $42.24 on Monday. The firm has a market cap of $26.45 billion, a price-to-earnings ratio of 8.06, a P/E/G ratio of 1.26 and a beta of 2.07. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy has a 52 week low of $40.47 and a 52 week high of $55.09. The firm’s 50-day simple moving average is $45.61 and its two-hundred day simple moving average is $47.59.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.18 earnings per share. As a group, equities analysts forecast that Devon Energy will post 5.37 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.08%. Devon Energy’s dividend payout ratio is presently 16.79%.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of DVN. Natixis Advisors L.P. grew its stake in Devon Energy by 31.7% in the 4th quarter. Natixis Advisors L.P. now owns 220,708 shares of the energy company’s stock worth $9,998,000 after buying an additional 53,096 shares in the last quarter. Summit Global Investments purchased a new position in Devon Energy in the 4th quarter worth approximately $251,000. Axxcess Wealth Management LLC lifted its holdings in shares of Devon Energy by 36.1% in the 4th quarter. Axxcess Wealth Management LLC now owns 6,800 shares of the energy company’s stock worth $308,000 after acquiring an additional 1,804 shares during the last quarter. Machina Capital S.A.S. bought a new stake in shares of Devon Energy in the 4th quarter worth approximately $551,000. Finally, Fielder Capital Group LLC bought a new stake in shares of Devon Energy in the 4th quarter worth approximately $305,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.