Devon Energy (NYSE:DVN) Sets New 1-Year Low on Analyst Downgrade

Shares of Devon Energy Co. (NYSE:DVN) reached a new 52-week low during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $55.00 to $48.00. Citigroup currently has a buy rating on the stock. Devon Energy traded as low as $37.54 and last traded at $37.67, with a volume of 1964919 shares changing hands. The stock had previously closed at $38.27.

A number of other research firms have also recently commented on DVN. Scotiabank cut their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Jefferies Financial Group began coverage on Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a report on Tuesday, September 3rd. Piper Sandler boosted their target price on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Devon Energy has an average rating of “Hold” and an average target price of $51.15.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently modified their holdings of the company. Triad Wealth Partners LLC purchased a new position in Devon Energy in the 2nd quarter worth approximately $27,000. 1620 Investment Advisors Inc. purchased a new position in shares of Devon Energy in the second quarter worth $34,000. Capital Performance Advisors LLP bought a new position in shares of Devon Energy during the third quarter worth $35,000. PSI Advisors LLC grew its stake in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in Devon Energy in the 1st quarter valued at $39,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

The firm’s 50 day simple moving average is $39.91 and its 200 day simple moving average is $43.81. The firm has a market cap of $24.52 billion, a PE ratio of 6.99, a PEG ratio of 1.25 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.65 EPS. On average, research analysts forecast that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.36%. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

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.