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

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

A number of other research firms also recently weighed in on DVN. Raymond James set a $40.00 price target on shares of Devon Energy in a research note on Monday, April 21st. JPMorgan Chase & Co. dropped their price target on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Sanford C. Bernstein raised shares of 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. Morgan Stanley set a $47.00 price target on shares of Devon Energy and gave the stock an “overweight” rating in a research note on Wednesday, March 26th. Finally, Mizuho dropped their price target on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating on the stock in a research note on Tuesday. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $43.83.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $33.39 on Thursday. The company’s fifty day moving average is $32.52 and its two-hundred day moving average is $34.60. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy has a 12-month low of $25.89 and a 12-month high of $50.24. The company has a market cap of $21.44 billion, a P/E ratio of 7.32, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same period last year, the firm earned $1.16 earnings per share. Devon Energy’s revenue for the quarter was up 23.8% compared to the same quarter last year. Equities analysts expect that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company 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 dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy’s dividend payout ratio (DPR) is 21.87%.

Institutional Investors Weigh In On Devon Energy

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