Devon Energy (NYSE:DVN) Cut to Hold at Cowen

Cowen downgraded shares of Devon Energy (NYSE:DVN) to a hold rating in a research note published on Tuesday. Cowen currently has $45.00 price objective on the energy company’s stock, down from their previous price objective of $46.00.

Several other analysts also recently issued reports on the company. TD Cowen dropped their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Friday, January 3rd. Citigroup dropped their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Mizuho dropped their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Finally, Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Wednesday, January 15th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.83.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $38.60 on Tuesday. The company has a market capitalization of $25.35 billion, a PE ratio of 8.46, a PEG ratio of 1.09 and a beta of 1.98. Devon Energy has a 12 month low of $30.39 and a 12 month high of $55.09. 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 stock’s fifty day simple moving average is $34.40 and its 200 day simple moving average is $38.40.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 23.17% and a net margin of 18.14%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. On average, research analysts predict that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.49%. The ex-dividend date is Friday, March 14th. Devon Energy’s payout ratio is currently 19.30%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Hurley Capital LLC acquired a new position in Devon Energy during the fourth quarter valued at approximately $26,000. Accredited Wealth Management LLC acquired a new position in Devon Energy during the fourth quarter valued at approximately $28,000. Capital Performance Advisors LLP acquired a new position in Devon Energy during the third quarter valued at approximately $35,000. Cromwell Holdings LLC raised its position in Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after purchasing an additional 598 shares in the last quarter. Finally, Sierra Ocean LLC acquired a new position in Devon Energy during the fourth quarter valued at approximately $43,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.