Devon Energy (NYSE:DVN) Hits New 1-Year Low Following Analyst Downgrade

Devon Energy Co. (NYSE:DVN - Get Free Report) reached a new 52-week low during mid-day trading on Thursday after Scotiabank lowered their price target on the stock from $45.00 to $35.00. Scotiabank currently has a sector outperform rating on the stock. Devon Energy traded as low as $25.89 and last traded at $31.15, with a volume of 21568210 shares. The stock had previously closed at $26.80.

Several other brokerages have also issued reports on DVN. Morgan Stanley set a $47.00 target price on Devon Energy and gave the company an "overweight" rating in a research report on Wednesday, March 26th. Truist Financial increased their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research report on Thursday, February 20th. Wolfe Research upgraded shares of Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 target price for the company in a research note on Friday, January 3rd. Mizuho cut their price target on shares of Devon Energy from $49.00 to $46.00 and set an "outperform" rating on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a research note on Thursday, March 13th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $47.08.

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Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in DVN. Hurley Capital LLC purchased a new position in Devon Energy in the 4th quarter valued at $26,000. Accredited Wealth Management LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $28,000. Cromwell Holdings LLC lifted its stake in shares of Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock worth $40,000 after buying an additional 598 shares in the last quarter. Sierra Ocean LLC acquired a new position in Devon Energy during the fourth quarter worth about $43,000. Finally, Endeavor Private Wealth Inc. purchased a new stake in Devon Energy during the 4th quarter valued at about $52,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

The firm has a fifty day moving average of $34.38 and a 200 day moving average of $36.13. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The stock has a market cap of $18.32 billion, a price-to-earnings ratio of 6.19, a PEG ratio of 1.20 and a beta of 1.50.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.25 billion. As a group, sell-side analysts forecast that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.40%. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date was Friday, March 14th. Devon Energy's dividend payout ratio is presently 21.05%.

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.