Devon Energy (NYSE:DVN) Downgraded by StockNews.com

Devon Energy (NYSE:DVN - Get Free Report) was downgraded by equities research analysts at StockNews.com from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Monday.

Other analysts have also recently issued reports about the stock. Mizuho raised their price target on shares of Devon Energy from $57.00 to $61.00 and gave the company a "buy" rating in a report on Monday, May 13th. Piper Sandler lowered their price objective on Devon Energy from $65.00 to $57.00 and set an "overweight" rating for the company in a research report on Thursday, August 15th. Truist Financial reduced their target price on Devon Energy from $67.00 to $64.00 and set a "buy" rating on the stock in a research report on Tuesday, July 9th. Sanford C. Bernstein lowered their price target on Devon Energy from $48.00 to $43.00 and set a "market perform" rating for the company in a report on Wednesday, July 17th. Finally, Susquehanna restated a "positive" rating and set a $65.00 price target on shares of Devon Energy in a research note on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $58.75.

Devon Energy Price Performance

DVN stock traded down $0.22 during trading on Monday, hitting $44.78. 5,832,400 shares of the company's stock traded hands, compared to its average volume of 7,091,235. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy has a 52 week low of $40.47 and a 52 week high of $55.09. The business has a fifty day simple moving average of $45.79 and a 200 day simple moving average of $47.63. The stock has a market capitalization of $28.04 billion, a price-to-earnings ratio of 8.55, a P/E/G ratio of 1.26 and a beta of 2.07.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts' consensus estimates of $1.26 by $0.15. The firm had revenue of $3.92 billion for the quarter, compared to analysts' expectations of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business's revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.18 earnings per share. As a group, research analysts expect that Devon Energy will post 5.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of DVN. Gordian Capital Singapore Pte Ltd bought a new position in Devon Energy during the second quarter valued at about $711,000. Dana Investment Advisors Inc. lifted its holdings in shares of Devon Energy by 117.3% during the second quarter. Dana Investment Advisors Inc. now owns 23,329 shares of the energy company's stock valued at $1,106,000 after acquiring an additional 12,593 shares during the period. SPC Financial Inc. increased its holdings in shares of Devon Energy by 19.1% during the second quarter. SPC Financial Inc. now owns 13,615 shares of the energy company's stock worth $645,000 after buying an additional 2,186 shares in the last quarter. IMS Capital Management increased its holdings in Devon Energy by 3.3% during the 2nd quarter. IMS Capital Management now owns 12,495 shares of the energy company's stock valued at $550,000 after purchasing an additional 400 shares in the last quarter. Finally, Truist Financial Corp raised its holdings in shares of Devon Energy by 48.5% in the second quarter. Truist Financial Corp now owns 539,645 shares of the energy company's stock valued at $25,579,000 after buying an additional 176,325 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.

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