StockNews.com Upgrades Devon Energy (NYSE:DVN) to “Hold”

StockNews.com upgraded shares of Devon Energy (NYSE:DVN) from a sell rating to a hold rating in a report published on Monday.

Several other brokerages have also issued reports on DVN. Truist Financial lowered shares of Devon Energy from a “buy” rating to a “hold” rating and decreased their price target for the company from $49.00 to $43.00 in a report on Thursday, November 7th. Raymond James lowered their price target on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Mizuho cut their price objective on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday. Citigroup lowered their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Finally, Susquehanna cut their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $50.05.

Devon Energy Trading Down 3.3 %

NYSE DVN opened at $31.10 on Monday. Devon Energy has a 12 month low of $31.07 and a 12 month high of $55.09. The stock has a 50-day simple moving average of $38.14 and a 200 day simple moving average of $42.24. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $20.43 billion, a PE ratio of 5.77, a P/E/G ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company 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%. Devon Energy’s revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.65 EPS. Research analysts forecast that Devon Energy will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.83%. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after acquiring an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. bought a new position in Devon Energy during the third quarter worth $461,857,000. Pacer Advisors Inc. increased its holdings in shares of Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. EnCap Partners GP LLC bought a new position in shares of Devon Energy in the third quarter valued at about $408,653,000. Finally, Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 3.8% during the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after buying an additional 361,968 shares during the last quarter. Institutional investors and hedge funds 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.