Devon Energy (DVN) Stock Rating Lowered by Capital One Financial
Devon Energy (NYSE:DVN) was downgraded by analysts at Capital One Financial from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Wednesday, The Fly reports.
A number of other research analysts have also weighed in on DVN. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $42.00 price target on shares of Devon Energy in a research note on Tuesday. Cowen reaffirmed a “buy” rating and issued a $40.00 price target on shares of Devon Energy in a research note on Thursday, September 28th. BMO Capital Markets set a $45.00 price target on shares of Devon Energy and gave the company a “buy” rating in a research note on Tuesday, October 10th. Barclays raised their price target on shares of Devon Energy from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Monday, November 20th. Finally, Royal Bank of Canada set a $47.00 price target on shares of Devon Energy and gave the company a “buy” rating in a research note on Wednesday, December 20th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Devon Energy currently has an average rating of “Buy” and a consensus target price of $46.06.
Devon Energy (NYSE:DVN) opened at $42.54 on Wednesday. The firm has a market cap of $22,360.00, a PE ratio of 14.47, a P/E/G ratio of 2.56 and a beta of 2.21. Devon Energy has a 12 month low of $28.79 and a 12 month high of $47.82. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.87.
Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.07. The firm had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. Devon Energy’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the company posted $1.89 EPS. equities analysts anticipate that Devon Energy will post 1.79 earnings per share for the current fiscal year.
In other Devon Energy news, EVP Lyndon C. Taylor sold 12,798 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total value of $490,035.42. Following the transaction, the executive vice president now directly owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.51% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Polianta Ltd purchased a new stake in shares of Devon Energy during the 4th quarter valued at approximately $1,299,000. Parametric Portfolio Associates LLC raised its position in shares of Devon Energy by 41.4% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,674,222 shares of the energy company’s stock valued at $61,461,000 after buying an additional 490,300 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in shares of Devon Energy during the 3rd quarter valued at approximately $183,000. Belpointe Asset Management LLC purchased a new stake in shares of Devon Energy during the 3rd quarter valued at approximately $397,000. Finally, Sterling Capital Management LLC raised its position in shares of Devon Energy by 9.0% during the 3rd quarter. Sterling Capital Management LLC now owns 33,875 shares of the energy company’s stock valued at $1,243,000 after buying an additional 2,798 shares during the period. 77.44% of the stock is currently owned by hedge funds and other institutional investors.
About Devon Energy
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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