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

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

Several other research firms have also recently commented on DVN. Barclays upped their price target on Devon Energy from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Mizuho reduced their target price on shares of Devon Energy from $49.00 to $46.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Piper Sandler dropped their price target on shares of Devon Energy from $55.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Citigroup reduced their price objective on shares of Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a research report on Friday, April 4th. Finally, Truist Financial boosted their target price on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $43.96.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $32.60 on Wednesday. The firm’s fifty day simple moving average is $32.55 and its 200-day simple moving average is $34.75. Devon Energy has a 12 month low of $25.89 and a 12 month high of $51.20. The stock has a market capitalization of $20.97 billion, a price-to-earnings ratio of 7.15, a PEG ratio of 1.20 and a beta of 1.00. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.31 billion. During the same period in the previous year, the company posted $1.16 earnings per share. Devon Energy’s quarterly revenue was up 23.8% on a year-over-year basis. As a group, equities analysts forecast that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.94%. The ex-dividend date is Friday, June 13th. Devon Energy’s dividend payout ratio (DPR) is 21.87%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently bought and sold shares of the stock. Hurley Capital LLC purchased a new stake in shares of Devon Energy during the 4th quarter valued at $26,000. Financial Gravity Asset Management Inc. acquired a new stake in Devon Energy during the first quarter worth about $26,000. Banque Cantonale Vaudoise purchased a new position in shares of Devon Energy in the 1st quarter worth about $26,000. Accredited Wealth Management LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at about $28,000. Finally, Rakuten Securities Inc. grew its holdings in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock worth $31,000 after purchasing an additional 405 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.