Devon Energy (NYSE:DVN) Reaches New 52-Week Low After Analyst Downgrade

Shares of Devon Energy Co. (NYSE:DVN - Get Free Report) hit a new 52-week low on Friday after UBS Group lowered their price target on the stock from $41.00 to $35.00. UBS Group currently has a neutral rating on the stock. Devon Energy traded as low as $29.86 and last traded at $29.74, with a volume of 5884621 shares changing hands. The stock had previously closed at $33.16.

A number of other research firms have also recently commented on DVN. Mizuho decreased their price objective on Devon Energy from $51.00 to $47.00 and set an "outperform" rating on the stock in a report on Monday, December 16th. Benchmark reissued a "buy" rating and set a $44.00 price objective on shares of Devon Energy in a research report on Thursday, February 20th. JPMorgan Chase & Co. decreased their target price on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Barclays lifted their price target on shares of Devon Energy from $43.00 to $44.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. Finally, Raymond James decreased their price objective on shares of Devon Energy from $54.00 to $46.00 and set an "outperform" rating on the stock in a report on Monday, March 10th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Devon Energy has a consensus rating of "Moderate Buy" and a consensus price target of $47.67.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rothschild Investment LLC lifted its position in shares of Devon Energy by 6.8% during the 1st quarter. Rothschild Investment LLC now owns 85,027 shares of the energy company's stock worth $3,180,000 after purchasing an additional 5,448 shares during the last quarter. Parallel Advisors LLC raised its stake in Devon Energy by 34.5% in the first quarter. Parallel Advisors LLC now owns 18,405 shares of the energy company's stock valued at $688,000 after buying an additional 4,718 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Devon Energy by 6,068.1% during the 1st quarter. GAMMA Investing LLC now owns 726,607 shares of the energy company's stock worth $27,175,000 after buying an additional 714,827 shares during the last quarter. Sage Capital Advisors llc acquired a new position in shares of Devon Energy during the 1st quarter worth about $224,000. Finally, Versant Capital Management Inc increased its holdings in shares of Devon Energy by 128.9% in the 1st quarter. Versant Capital Management Inc now owns 2,635 shares of the energy company's stock valued at $99,000 after acquiring an additional 1,484 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

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Devon Energy Stock Down 4.1 %

The firm has a 50-day moving average price of $35.08 and a two-hundred day moving average price of $36.58. The firm has a market cap of $17.81 billion, a price-to-earnings ratio of 5.98, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping 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 company had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.25 billion. On average, sell-side analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's dividend payout ratio is currently 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.