Devon Energy (NYSE:DVN) Rating Increased to Hold at StockNews.com

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

Several other equities research analysts have also recently commented on the company. Benchmark reissued a “buy” rating and set a $44.00 target price on shares of Devon Energy in a report on Thursday, February 20th. UBS Group dropped their target price on Devon Energy from $41.00 to $35.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Cowen cut Devon Energy to a “hold” rating and dropped their price target for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Wednesday, January 15th. Finally, Truist Financial lifted their target price on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $43.83.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $33.26 on Thursday. Devon Energy has a 12 month low of $25.89 and a 12 month high of $50.24. The stock has a market cap of $21.35 billion, a price-to-earnings ratio of 7.29, a PEG ratio of 1.20 and a beta of 1.00. The stock’s 50 day moving average price is $32.50 and its 200 day moving average price is $34.54. 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 the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same period in the previous year, the firm earned $1.16 EPS. Devon Energy’s revenue for the quarter was up 23.8% on a year-over-year basis. Equities research analysts anticipate 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. Stockholders of record on Friday, June 13th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy’s dividend payout ratio (DPR) is presently 21.87%.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in DVN. Woodline Partners LP boosted its holdings in Devon Energy by 98.8% in the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after purchasing an additional 57,555 shares in the last quarter. McIlrath & Eck LLC boosted its holdings in Devon Energy by 1,364.0% in the first quarter. McIlrath & Eck LLC now owns 1,464 shares of the energy company’s stock worth $55,000 after purchasing an additional 1,364 shares in the last quarter. Empowered Funds LLC boosted its holdings in Devon Energy by 5.6% in the first quarter. Empowered Funds LLC now owns 606,244 shares of the energy company’s stock worth $22,674,000 after purchasing an additional 32,065 shares in the last quarter. MBB Public Markets I LLC bought a new stake in Devon Energy in the first quarter worth $330,000. Finally, Ascent Group LLC boosted its holdings in Devon Energy by 184.2% in the first quarter. Ascent Group LLC now owns 19,784 shares of the energy company’s stock worth $740,000 after purchasing an additional 12,822 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other 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.