Devon Energy (NYSE:DVN) Hits New 52-Week Low on Analyst Downgrade

Devon Energy Co. (NYSE:DVN)’s share price hit a new 52-week low during trading on Friday after Citigroup lowered their price target on the stock from $46.00 to $43.00. Citigroup currently has a buy rating on the stock. Devon Energy traded as low as $29.86 and last traded at $29.74, with a volume of 5884621 shares. The stock had previously closed at $33.16.

Several other equities research analysts also recently weighed in on DVN. Wells Fargo & Company reduced their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Morgan Stanley set a $47.00 target price on shares of Devon Energy and gave the company an “overweight” rating in a research note on Wednesday, March 26th. Truist Financial lifted their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a report on Thursday, February 20th. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Wednesday, January 15th. Finally, 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 note on Thursday, February 20th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.17.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of DVN. Hurley Capital LLC acquired a new position in shares of Devon Energy during the fourth quarter worth $26,000. Accredited Wealth Management LLC acquired a new stake in Devon Energy in the fourth quarter worth about $28,000. Cromwell Holdings LLC grew its stake in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares during the last quarter. Sierra Ocean LLC acquired a new position in shares of Devon Energy during the fourth quarter valued at about $43,000. Finally, Endeavor Private Wealth Inc. purchased a new position in shares of Devon Energy in the 4th quarter valued at approximately $52,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

The firm’s 50-day simple moving average is $35.35 and its two-hundred day simple moving average is $36.80. The company has a market cap of $19.23 billion, a PE ratio of 6.50, a P/E/G ratio of 1.20 and a beta of 1.50. 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) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. As a group, research analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.24%. 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 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.