Devon Energy (NYSE:DVN) Stock Rating Lowered by StockNews.com

by · The Markets Daily

Devon Energy (NYSE:DVN – Get Free Report) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Thursday.

DVN has been the topic of several other research reports. TD Cowen cut their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday. Raymond James lowered their target price on Devon Energy from $58.00 to $51.00 in a research report on Tuesday. Truist Financial cut Devon Energy from a “buy” rating to a “hold” rating and lowered their target price for the company from $49.00 to $43.00 in a research report on Thursday. Sanford C. Bernstein lowered their target price on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $51.80.

Check Out Our Latest Stock Analysis on DVN

Devon Energy Stock Down 2.8 %

Shares of NYSE:DVN traded down $1.13 during trading on Thursday, hitting $38.89. The company’s stock had a trading volume of 12,562,063 shares, compared to its average volume of 7,428,410. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The stock’s 50-day moving average price is $40.72 and its two-hundred day moving average price is $45.03. The company has a market capitalization of $24.35 billion, a PE ratio of 7.06, a PEG ratio of 1.20 and a beta of 2.03.

Devon Energy (NYSE:DVN – Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. Devon Energy’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.65 earnings per share. As a group, sell-side analysts expect that Devon Energy will post 4.93 EPS for the current year.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently modified their holdings of the stock. Triad Wealth Partners LLC acquired a new stake in shares of Devon Energy in the second quarter worth $27,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Devon Energy in the second quarter worth $34,000. PSI Advisors LLC boosted its position in shares of Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares during the period. LRI Investments LLC acquired a new stake in shares of Devon Energy in the first quarter worth $39,000. Finally, Manchester Capital Management LLC boosted its position in shares of Devon Energy by 40.9% in the first quarter. Manchester Capital Management LLC now owns 861 shares of the energy company’s stock worth $43,000 after buying an additional 250 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Company Profile

(Get Free Report)

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.

Featured Stories