Devon Energy (NYSE:DVN – Get Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Thursday.
A number of other equities research analysts have also recently issued reports on DVN. Zacks Investment Research raised shares of Devon Energy from a “hold” rating to a “strong-buy” rating and set a $68.00 price objective for the company in a research note on Thursday, March 10th. Royal Bank of Canada upped their price objective on shares of Devon Energy from $54.00 to $62.00 in a research note on Thursday, February 17th. The Goldman Sachs Group cut shares of Devon Energy from a “buy” rating to a “neutral” rating and upped their price objective for the company from $46.00 to $52.00 in a research note on Friday, January 21st. Morgan Stanley upped their price target on shares of Devon Energy from $52.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, January 25th. Finally, Benchmark lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Wednesday, March 2nd. Six analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $58.67.
DVN stock opened at $63.75 on Thursday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.38 and a quick ratio of 1.38. Devon Energy has a one year low of $20.14 and a one year high of $64.29. The stock has a market cap of $42.34 billion, a PE ratio of 15.29, a P/E/G ratio of 0.16 and a beta of 2.79. The firm has a 50 day simple moving average of $57.45 and a two-hundred day simple moving average of $48.31.
Devon Energy (NYSE:DVN – Get Rating) last released its quarterly earnings results on Tuesday, February 15th. The energy company reported $1.39 EPS for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.18. Devon Energy had a net margin of 23.60% and a return on equity of 26.76%. The business had revenue of $4.27 billion during the quarter, compared to analysts’ expectations of $3.56 billion. On average, research analysts expect that Devon Energy will post 7.56 EPS for the current fiscal year.
In other news, EVP Dennis C. Cameron sold 8,626 shares of the firm’s stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $53.68, for a total transaction of $463,043.68. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Dennis C. Cameron sold 4,143 shares of the firm’s stock in a transaction dated Monday, April 4th. The shares were sold at an average price of $61.45, for a total transaction of $254,587.35. The disclosure for this sale can be found here. Insiders have sold a total of 134,251 shares of company stock worth $7,915,422 over the last three months. 0.80% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the company. Oppenheimer & Co. Inc. lifted its stake in shares of Devon Energy by 58.2% in the 4th quarter. Oppenheimer & Co. Inc. now owns 74,961 shares of the energy company’s stock worth $3,302,000 after purchasing an additional 27,575 shares during the period. Cinctive Capital Management LP bought a new position in shares of Devon Energy in the 3rd quarter worth approximately $5,359,000. Segall Bryant & Hamill LLC raised its stake in Devon Energy by 6.8% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 392,191 shares of the energy company’s stock worth $13,929,000 after acquiring an additional 24,808 shares during the period. Teamwork Financial Advisors LLC raised its stake in Devon Energy by 108.6% during the 4th quarter. Teamwork Financial Advisors LLC now owns 276,817 shares of the energy company’s stock worth $12,194,000 after acquiring an additional 144,105 shares during the period. Finally, Aviva PLC raised its stake in Devon Energy by 319.6% during the 3rd quarter. Aviva PLC now owns 283,534 shares of the energy company’s stock worth $10,068,000 after acquiring an additional 215,964 shares during the period. Hedge funds and other institutional investors own 88.11% of the company’s stock.
About Devon Energy
Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
