Devon Energy (NYSE:DVN) Hits New 52-Week Low on Analyst Downgrade

Devon Energy Co. (NYSE:DVN)’s stock price 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 trading hands. The stock had previously closed at $38.27.

Several other research analysts have also commented on DVN. Jefferies Financial Group began coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective for the company. Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and cut their price target for the company from $49.00 to $43.00 in a report on Thursday, November 7th. Barclays decreased their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. dropped their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Hold” and an average price target of $51.15.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently bought and sold shares of DVN. Geode Capital Management LLC raised its position in shares of Devon Energy by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after purchasing an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new stake in Devon Energy during the 3rd quarter valued at about $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 period. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy during the third quarter worth about $408,653,000. Finally, Victory Capital Management Inc. boosted its position in Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after buying an additional 361,968 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Down 2.5 %

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The company has a market cap of $24.52 billion, a price-to-earnings ratio of 6.99, a P/E/G ratio of 1.25 and a beta of 2.03. The company’s fifty day moving average is $39.91 and its two-hundred day moving average is $43.81.

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

Devon Energy Announces Dividend

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