Devon Energy (NYSE:DVN) Reaches New 12-Month Low – Time to Sell?

Devon Energy Co. (NYSE:DVN)’s share price reached a new 52-week low on Monday . The company traded as low as $37.28 and last traded at $37.28, with a volume of 1703692 shares changing hands. The stock had previously closed at $37.95.

Wall Street Analysts Forecast Growth

DVN has been the subject of several research reports. Susquehanna cut their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Scotiabank reduced their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Citigroup decreased their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. BMO Capital Markets decreased their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Finally, Evercore ISI cut their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $51.15.

Devon Energy Price Performance

The firm has a market capitalization of $24.58 billion, a P/E ratio of 7.06, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. The firm has a 50 day moving average price of $39.68 and a 200-day moving average price of $43.47. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) 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 analyst estimates of $3.72 billion. During the same period last year, the company earned $1.65 EPS. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.35%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. William B. Walkup & Associates Inc. purchased a new stake in Devon Energy during the second quarter worth $1,026,000. Bridgewater Associates LP purchased a new position in Devon Energy during the third quarter worth approximately $9,426,000. CIBC Asset Management Inc grew its stake in Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after acquiring an additional 6,358 shares during the period. Smead Capital Management Inc. boosted its stake in shares of Devon Energy by 3.5% in the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after acquiring an additional 198,193 shares during the last quarter. Finally, Nations Financial Group Inc. IA ADV purchased a new position in Devon Energy in the 3rd quarter valued at $592,000. 69.72% of the stock is currently 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.