Devon Energy (NYSE:DVN) Sets New 12-Month Low After Analyst Downgrade

Shares of Devon Energy Co. (NYSE:DVN – Get Rating) hit a new 52-week low during mid-day trading on Tuesday after Evercore ISI lowered their price target on the stock from $80.00 to $52.00. The company traded as low as $48.31 and last traded at $49.25, with a volume of 10516735 shares trading hands. The stock had previously closed at $49.98.

DVN has been the topic of a number of other reports. Argus upped their price objective on Devon Energy from $77.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, November 17th. Citigroup dropped their target price on Devon Energy from $77.00 to $66.00 and set a “buy” rating on the stock in a research report on Thursday, February 23rd. Piper Sandler dropped their target price on Devon Energy from $89.00 to $85.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 7th. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Monday, February 20th. Finally, Raymond James dropped their target price on Devon Energy from $80.00 to $67.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, February 22nd. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $73.21.

Insider Buying and Selling

In related news, CEO Richard E. Muncrief bought 10,000 shares of the stock in a transaction dated Friday, February 17th. The shares were acquired at an average cost of $53.28 per share, for a total transaction of $532,800.00. Following the acquisition, the chief executive officer now directly owns 1,973,977 shares in the company, valued at approximately $105,173,494.56. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director John E. Bethancourt bought 3,765 shares of the business’s stock in a transaction on Friday, February 17th. The shares were bought at an average price of $53.06 per share, with a total value of $199,770.90. Following the completion of the transaction, the director now directly owns 94,669 shares in the company, valued at $5,023,137.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard E. Muncrief acquired 10,000 shares of the business’s stock in a transaction dated Friday, February 17th. The shares were bought at an average cost of $53.28 per share, for a total transaction of $532,800.00. Following the transaction, the chief executive officer now directly owns 1,973,977 shares of the company’s stock, valued at approximately $105,173,494.56. The disclosure for this purchase can be found here. 0.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of DVN. Continuum Advisory LLC lifted its stake in shares of Devon Energy by 2.2% during the 3rd quarter. Continuum Advisory LLC now owns 6,605 shares of the energy company’s stock valued at $397,000 after buying an additional 143 shares in the last quarter. CRA Financial Services LLC raised its stake in shares of Devon Energy by 4.1% during the third quarter. CRA Financial Services LLC now owns 3,794 shares of the energy company’s stock valued at $228,000 after acquiring an additional 150 shares during the last quarter. Wahed Invest LLC raised its stake in shares of Devon Energy by 2.1% during the first quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock valued at $469,000 after acquiring an additional 161 shares during the last quarter. Savant Capital LLC increased its position in shares of Devon Energy by 0.9% during the fourth quarter. Savant Capital LLC now owns 18,931 shares of the energy company’s stock valued at $1,164,000 after buying an additional 164 shares during the period. Finally, Kanawha Capital Management LLC increased its position in shares of Devon Energy by 1.7% during the fourth quarter. Kanawha Capital Management LLC now owns 9,782 shares of the energy company’s stock valued at $602,000 after buying an additional 166 shares during the period. Institutional investors and hedge funds own 78.08% of the company’s stock.

Devon Energy Price Performance

The firm’s 50-day moving average is $59.50 and its 200-day moving average is $64.73. The company has a market cap of $32.19 billion, a PE ratio of 5.50, a PEG ratio of 0.14 and a beta of 2.33. The company has a quick ratio of 1.19, a current ratio of 1.25 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN – Get Rating) last announced its quarterly earnings results on Wednesday, February 15th. The energy company reported $1.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.09). Devon Energy had a net margin of 31.38% and a return on equity of 52.20%. The business had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the previous year, the company earned $1.39 earnings per share. The company’s revenue for the quarter was up .6% compared to the same quarter last year. On average, equities analysts anticipate that Devon Energy Co. will post 7.04 EPS for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a None dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be issued a dividend of $0.89 per share. This represents a dividend yield of 9.3%. This is a boost from Devon Energy’s previous None dividend of $0.49. The ex-dividend date is Tuesday, March 14th. Devon Energy’s dividend payout ratio is 8.77%.

Devon Energy Company Profile

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Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.