Devon Energy (NYSE:DVN) Stock Price Down 3.6% After Analyst Downgrade

Shares of Devon Energy Corporation (NYSE:DVN) fell 3.6% during mid-day trading on Tuesday after Capital One Financial lowered their price target on the stock from $64.00 to $63.00. Capital One Financial currently has an overweight rating on the stock. Devon Energy traded as low as $45.51 and last traded at $45.5620. 1,721,008 shares were traded during mid-day trading, a decline of 87% from the average session volume of 13,730,195 shares. The stock had previously closed at $47.27.

DVN has been the subject of several other reports. Benchmark reiterated a “buy” rating on shares of Devon Energy in a report on Friday, January 16th. Citigroup upped their target price on Devon Energy from $44.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, March 30th. Roth Mkm reaffirmed a “buy” rating and set a $50.00 price target on shares of Devon Energy in a research note on Thursday, February 19th. Raymond James Financial lifted their price target on Devon Energy from $44.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, February 11th. Finally, Siebert Williams Shank boosted their price target on Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $53.25.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently made changes to their positions in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy in the 4th quarter valued at approximately $25,000. PFS Partners LLC bought a new stake in Devon Energy during the third quarter worth approximately $25,000. First Horizon Corp bought a new stake in Devon Energy during the third quarter worth approximately $26,000. Caldwell Trust Co acquired a new position in Devon Energy during the second quarter valued at approximately $25,000. Finally, MV Capital Management Inc. bought a new position in shares of Devon Energy in the fourth quarter valued at approximately $29,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

The stock’s 50-day moving average price is $46.31 and its 200 day moving average price is $39.43. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The company has a market cap of $28.32 billion, a P/E ratio of 10.89, a price-to-earnings-growth ratio of 0.88 and a beta of 0.47.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.01. The business had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. Devon Energy’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.10 EPS. As a group, research analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, March 13th. Devon Energy’s dividend payout ratio (DPR) is currently 23.02%.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.