Devon Energy (NYSE:DVN) Rating Lowered to “Sell” at StockNews.com

StockNews.com lowered shares of Devon Energy (NYSE:DVN) from a hold rating to a sell rating in a research report sent to investors on Thursday morning.

Several other brokerages have also recently weighed in on DVN. Scotiabank lowered their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. TD Cowen lowered their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Evercore ISI reduced their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. Piper Sandler reduced their target price on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a report on Tuesday, October 15th. Finally, Wells Fargo & Company reduced their target price on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $51.80.

Devon Energy Price Performance

DVN opened at $38.87 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.03 and a current ratio of 1.11. The stock has a market capitalization of $25.53 billion, a P/E ratio of 7.21, a P/E/G ratio of 1.23 and a beta of 2.03. The company’s 50-day simple moving average is $40.48 and its two-hundred day simple moving average is $44.79. Devon Energy has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the business earned $1.65 EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, analysts predict that Devon Energy will post 4.93 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of DVN. Vanguard Group Inc. grew its holdings in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after purchasing an additional 2,226,983 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Devon Energy by 16.8% in the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after purchasing an additional 1,428,776 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of Devon Energy by 7,165.6% in the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after purchasing an additional 1,357,311 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.