Devon Energy (NYSE:DVN) Downgraded by Truist Financial to “Hold”

Truist Financial downgraded shares of Devon Energy (NYSE:DVN) from a buy rating to a hold rating in a research report report published on Thursday morning, Marketbeat Ratings reports. The brokerage currently has $43.00 price objective on the energy company’s stock, down from their previous price objective of $49.00.

Other research analysts have also issued reports about the stock. Wells Fargo & Company reissued a “sector outperform” rating on shares of Devon Energy in a research note on Friday, October 18th. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Piper Sandler dropped their target price on Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a report on Tuesday, October 15th. Morgan Stanley reduced their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Finally, Mizuho lowered their price target on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Hold” and a consensus price target of $51.80.

Devon Energy Stock Down 0.1 %

Shares of DVN opened at $38.87 on Thursday. The stock has a 50 day moving average price of $40.48 and a 200 day moving average price of $44.84. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.03 and a current ratio of 1.11. The stock has a market capitalization of $24.34 billion, a price-to-earnings ratio of 7.21, a PEG ratio of 1.23 and a beta of 2.03. Devon Energy has a one year low of $37.76 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.65 earnings per share. Equities research analysts forecast that Devon Energy will post 4.93 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of DVN. Triad Wealth Partners LLC acquired a new stake in shares of Devon Energy during the second quarter worth about $27,000. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy in the second quarter valued at approximately $34,000. PSI Advisors LLC lifted its holdings in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares in the last quarter. LRI Investments LLC acquired a new stake in Devon Energy during the 1st quarter worth approximately $39,000. Finally, Manchester Capital Management LLC lifted its holdings in Devon Energy by 40.9% during the 1st quarter. Manchester Capital Management LLC now owns 861 shares of the energy company’s stock worth $43,000 after buying an additional 250 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.