Devon Energy (NYSE:DVN) Stock Rating Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Devon Energy (NYSE:DVN) from a buy rating to a hold rating in a report issued on Saturday,Wall Street Zen reports.

DVN has been the topic of a number of other research reports. UBS Group dropped their price target on Devon Energy from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Tuesday, November 10th. Sanford C. Bernstein lowered Devon Energy from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $49.00 to $44.00 in a report on Wednesday. BMO Capital Markets reissued an “outperform” rating and issued a $67.00 price objective on shares of Devon Energy in a report on Tuesday, October 6th. Argus restated a “buy” rating and issued a $45.85 price objective on shares of Devon Energy in a research note on Monday, August 17th. Finally, Citigroup dropped their price objective on shares of Devon Energy from $67.00 to $60.00 and set a “buy” rating on the stock in a report on Friday. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $59.72.

Devon Energy Stock Performance

Devon Energy stock traded up $0.34 during trading on Friday, hitting $46.57. The stock had a trading volume of 8,358,951 shares, compared to its average volume of 11,037,116. Devon Energy has a 1 year low of $34.23 and a 1 year high of $52.71. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 0.23. The stock’s 50 day moving average is $48.26 and its two-hundred day moving average is $46.20. The stock has a market cap of $53.08 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 1.04 and a beta of 0.43.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Thursday, November 5th. The energy company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.09. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The business had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.57 billion. During the same period in the prior year, the company earned $1.04 earnings per share. Devon Energy’s revenue was up 66.5% compared to the same quarter last year. As a group, analysts predict that Devon Energy will post 5.56 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Tuesday, December 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. Devon Energy’s payout ratio is presently 32.00%.

Insiders Place Their Bets

In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the transaction, the executive vice president directly owned 72,720 shares of the company’s stock, valued at $3,705,084. This trade represents a 8.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Clay M. Gaspar purchased 3,913 shares of Devon Energy stock in a transaction dated Monday, September 14th. The stock was bought at an average price of $51.08 per share, with a total value of $199,876.04. Following the completion of the transaction, the chief executive officer owned 619,152 shares of the company’s stock, valued at $31,626,284.16. This represents a 0.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 4.58% of the company’s stock.

Institutional Trading of Devon Energy

A number of institutional investors have recently added to or reduced their stakes in DVN. Empowered Funds LLC increased its position in shares of Devon Energy by 42.3% during the third quarter. Empowered Funds LLC now owns 1,051,298 shares of the energy company’s stock valued at $48,402,000 after buying an additional 312,363 shares during the period. United Southern Bank Trust Department purchased a new stake in shares of Devon Energy in the third quarter worth about $52,000. Kovack Advisors Inc. lifted its holdings in shares of Devon Energy by 4.1% in the third quarter. Kovack Advisors Inc. now owns 16,014 shares of the energy company’s stock worth $752,000 after buying an additional 631 shares in the last quarter. Hartree Partners LP boosted its position in shares of Devon Energy by 0.7% in the third quarter. Hartree Partners LP now owns 944,374 shares of the energy company’s stock valued at $43,479,000 after acquiring an additional 6,937 shares during the period. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of Devon Energy by 5.9% in the third quarter. State Board of Administration of Florida Retirement System now owns 1,106,007 shares of the energy company’s stock valued at $50,921,000 after acquiring an additional 61,283 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Trending Headlines about Devon Energy

Here are a few of the latest headlines about DVN:

• Positive Sentiment: Barclays raised its price target to $59 from $57 and reiterated an “overweight” rating, implying 26.7% upside from the cited share price. Barclays recommendations
• Negative Sentiment: Bernstein downgraded DVN to “market perform” from “outperform” and lowered its target to $44 from $49, indicating potential downside from the cited share price. Bernstein downgrade report
• Negative Sentiment: UBS issued a pessimistic forecast for Devon Energy, adding to the cautious analyst outlook; the report summary provided no target or forecast details. UBS forecast report

About Devon Energy

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company’s portfolio has evolved through acquisitions and asset sales over its history.