Devon Energy (NYSE:DVN) Cut to "Hold" at Cowen

Cowen downgraded shares of Devon Energy (NYSE:DVN - Free Report) to a hold rating in a research note released on Tuesday morning. Cowen currently has $45.00 price objective on the energy company's stock, down from their prior price objective of $46.00.

A number of other research analysts also recently issued reports on the company. Royal Bank of Canada reiterated a "sector perform" rating and issued a $50.00 price target on shares of Devon Energy in a report on Friday, January 10th. TD Cowen dropped their target price on Devon Energy from $54.00 to $46.00 and set a "hold" rating on the stock in a research note on Tuesday, November 5th. Sanford C. Bernstein upgraded Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price on the stock in a research note on Wednesday, January 15th. Wolfe Research upgraded Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 target price on the stock in a research note on Friday, January 3rd. Finally, Truist Financial dropped their target price on Devon Energy from $43.00 to $42.00 and set a "hold" rating on the stock in a research note on Monday, January 13th. 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 presently has a consensus rating of "Moderate Buy" and an average target price of $48.83.

Devon Energy Stock Down 2.8 %

Shares of NYSE:DVN traded down $1.07 on Tuesday, reaching $37.49. The company had a trading volume of 11,527,857 shares, compared to its average volume of 9,783,577. Devon Energy has a 52-week low of $30.39 and a 52-week high of $55.09. The firm's 50 day simple moving average is $34.40 and its 200-day simple moving average is $38.40. The firm has a market capitalization of $24.62 billion, a PE ratio of 8.22, a PEG ratio of 1.17 and a beta of 1.98. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. As a group, analysts expect that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.56%. The ex-dividend date is Friday, March 14th. This is a boost from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's payout ratio is 21.05%.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently modified their holdings of DVN. Hurley Capital LLC acquired a new position in Devon Energy in the 4th quarter worth about $26,000. Accredited Wealth Management LLC acquired a new position in Devon Energy in the 4th quarter worth about $28,000. Capital Performance Advisors LLP acquired a new position in Devon Energy in the 3rd quarter worth about $35,000. Cromwell Holdings LLC raised its holdings in Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock worth $40,000 after purchasing an additional 598 shares during the period. Finally, Sierra Ocean LLC acquired a new position in Devon Energy in the 4th quarter worth about $43,000. Institutional investors and hedge funds own 69.72% of the company's stock.

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.