Devon Energy (NYSE:DVN) Hits New 12-Month Low Following Analyst Downgrade

Devon Energy Co. (NYSE:DVN)’s stock price reached a new 52-week low on Monday after Mizuho lowered their price target on the stock from $51.00 to $47.00. Mizuho currently has an outperform rating on the stock. Devon Energy traded as low as $33.19 and last traded at $33.37, with a volume of 1482280 shares trading hands. The stock had previously closed at $33.88.

Several other research firms also recently commented on DVN. Barclays lowered their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Benchmark reiterated a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. StockNews.com cut shares of Devon Energy from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research report on Thursday, December 5th. Finally, Piper Sandler lifted their target price on shares of Devon Energy from $56.00 to $57.00 and gave the company an “overweight” rating in a report on Monday, November 18th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $50.55.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. William B. Walkup & Associates Inc. acquired a new stake in Devon Energy in the second quarter valued at $1,026,000. Legacy Investment Solutions LLC acquired a new stake in Devon Energy during the 3rd quarter worth about $8,002,000. Bridgewater Associates LP acquired a new stake in Devon Energy during the 3rd quarter worth about $9,426,000. Petrus Trust Company LTA grew its holdings in Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after acquiring an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc grew its holdings in Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after acquiring an additional 6,358 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The stock has a fifty day simple moving average of $38.75 and a two-hundred day simple moving average of $42.54. The stock has a market capitalization of $21.97 billion, a price-to-earnings ratio of 6.29, a P/E/G ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $1.65 EPS. The business’s revenue was up 4.9% compared to the same quarter last year. Analysts forecast that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.63%. Devon Energy’s dividend payout ratio is presently 16.33%.

Devon Energy Company Profile

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.