Devon Energy Corporation (NYSE:DVN) was downgraded by Wells Fargo & Company from an “outperform” rating to a “market perform” rating in a report released on Wednesday. They currently have a $50.00 price objective on the energy company’s stock. Wells Fargo & Company’s price target would suggest a potential upside of 7.62% from the stock’s current price.

Several other research analysts have also issued reports on DVN. Vetr lowered shares of Devon Energy Corporation from a “strong-buy” rating to a “buy” rating and set a $45.44 target price for the company. in a research report on Tuesday, September 13th. Bank of America set a $64.00 target price on shares of Devon Energy Corporation and gave the stock a “buy” rating in a research report on Monday, October 10th. Societe Generale lowered shares of Devon Energy Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, November 30th. Seaport Global Securities upgraded shares of Devon Energy Corporation from a “neutral” rating to a “buy” rating in a research report on Friday, December 9th. Finally, RBC Capital Markets restated a “buy” rating and set a $54.00 price target on shares of Devon Energy Corporation in a research report on Tuesday, January 3rd. Fourteen analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $42.85.

Analyst Recommendations for Devon Energy Corporation (NYSE:DVN)

Devon Energy Corporation (NYSE:DVN) traded down 0.6001% on Wednesday, hitting $46.1812. The stock had a trading volume of 1,266,799 shares. The company’s market cap is $24.18 billion. Devon Energy Corporation has a 52-week low of $18.07 and a 52-week high of $50.69. The stock’s 50-day moving average is $46.89 and its 200-day moving average is $42.46.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be given a $0.06 dividend. The ex-dividend date is Monday, March 13th. This represents a $0.24 annualized dividend and a yield of 0.52%. Devon Energy Corporation’s payout ratio is presently -1.28%.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Devon Energy Corporation by 8.0% in the second quarter. Vanguard Group Inc. now owns 39,324,357 shares of the energy company’s stock valued at $1,425,508,000 after buying an additional 2,924,209 shares during the last quarter. State Street Corp increased its position in Devon Energy Corporation by 1.8% in the second quarter. State Street Corp now owns 26,116,448 shares of the energy company’s stock valued at $946,729,000 after buying an additional 467,341 shares during the last quarter. FMR LLC increased its position in Devon Energy Corporation by 95.3% in the second quarter. FMR LLC now owns 12,404,825 shares of the energy company’s stock valued at $449,675,000 after buying an additional 6,053,827 shares during the last quarter. BlackRock Fund Advisors increased its position in Devon Energy Corporation by 2.4% in the third quarter. BlackRock Fund Advisors now owns 9,842,851 shares of the energy company’s stock valued at $434,168,000 after buying an additional 230,638 shares during the last quarter. Finally, BlackRock Group LTD increased its position in Devon Energy Corporation by 9.7% in the third quarter. BlackRock Group LTD now owns 6,861,892 shares of the energy company’s stock valued at $302,679,000 after buying an additional 606,241 shares during the last quarter. Institutional investors and hedge funds own 76.22% of the company’s stock.

About Devon Energy Corporation

Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.

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