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 report sent to investors on Thursday morning.

Several other brokerages also recently issued reports on DVN. Truist Financial boosted their price objective on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Cowen downgraded Devon Energy to a “hold” rating and reduced their price objective for the stock from $46.00 to $45.00 in a research report on Tuesday, February 18th. Royal Bank of Canada reduced their price objective on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a research report on Monday, April 14th. UBS Group reduced their price objective on Devon Energy from $41.00 to $35.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Finally, Williams Trading set a $50.00 price objective on Devon Energy in a research report on Wednesday, March 5th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $43.83.

Devon Energy Stock Down 1.7%

NYSE:DVN opened at $33.39 on Thursday. The firm has a market capitalization of $21.44 billion, a PE ratio of 7.32, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00. The stock has a 50 day moving average of $32.52 and a 200-day moving average of $34.60. Devon Energy has a 52 week low of $25.89 and a 52 week high of $50.24. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

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

Devon Energy Announces Dividend

The business 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. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.88%. Devon Energy’s dividend payout ratio is currently 21.87%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of DVN. Vanguard Group Inc. increased its holdings in shares of Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after buying an additional 5,465,692 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Devon Energy in the fourth quarter valued at $154,170,000. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Devon Energy by 42.8% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock valued at $340,236,000 after buying an additional 3,114,656 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Devon Energy by 135.5% in the fourth quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company’s stock valued at $175,810,000 after buying an additional 3,090,585 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Devon Energy by 32.8% in the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock valued at $309,682,000 after buying an additional 2,335,473 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

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.