Devon Energy (NYSE:DVN) Lowered to Hold Rating by Cowen

Cowen cut shares of Devon Energy (NYSE:DVN - Free Report) to a hold rating in a report issued on Tuesday morning. Cowen currently has $45.00 target price on the energy company's stock, down from their previous target price of $46.00.

Other equities analysts have also recently issued research reports about the stock. TD Cowen lowered their price objective on shares of Devon Energy from $54.00 to $46.00 and set a "hold" rating on the stock in a research note on Tuesday, November 5th. Wells Fargo & Company lowered their price objective on shares of Devon Energy from $49.00 to $43.00 and set an "overweight" rating on the stock in a research note on Tuesday, December 17th. Mizuho decreased their target price on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. Truist Financial decreased their target price on shares of Devon Energy from $43.00 to $42.00 and set a "hold" rating on the stock in a research note on Monday, January 13th. Finally, StockNews.com upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research note on Friday, January 3rd. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and a consensus target price of $48.83.

Devon Energy Stock Performance

Shares of NYSE DVN traded down $1.07 during trading on Tuesday, reaching $37.49. 11,529,242 shares of the company traded hands, compared to its average volume of 9,796,612. The firm has a 50 day simple moving average of $34.47 and a 200-day simple moving average of $38.37. Devon Energy has a 52-week low of $30.39 and a 52-week high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $24.62 billion, a PE ratio of 8.22, a P/E/G ratio of 1.17 and a beta of 1.98.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.25 billion. Equities research analysts anticipate that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.24 dividend. The ex-dividend date is Friday, March 14th. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.56%. Devon Energy's dividend payout ratio (DPR) is 21.05%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of DVN. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy in the third quarter valued at $461,857,000. EnCap Partners GP LLC purchased a new position in Devon Energy during the third quarter worth $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in Devon Energy during the third quarter worth $230,928,000. Vanguard Group Inc. boosted its stake in Devon Energy by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock worth $2,640,727,000 after buying an additional 5,465,692 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Devon Energy during the fourth quarter worth $154,170,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

About Devon Energy

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.