Devon Energy Corp. (DVN) Downgraded by Societe Generale to “Hold”
Societe Generale downgraded shares of Devon Energy Corp. (NYSE:DVN) from a buy rating to a hold rating in a research note published on Wednesday morning, The Fly reports.
Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. restated a buy rating on shares of Devon Energy Corp. in a research note on Wednesday, August 3rd. Bank of America Corp. restated a buy rating and issued a $60.00 target price (up previously from $56.00) on shares of Devon Energy Corp. in a research note on Tuesday, August 16th. Barclays PLC raised their target price on Devon Energy Corp. from $43.00 to $45.00 and gave the company an overweight rating in a research note on Thursday, August 4th. Zacks Investment Research cut Devon Energy Corp. from a strong-buy rating to a hold rating in a research note on Tuesday, September 6th. Finally, Raymond James Financial Inc. cut Devon Energy Corp. from an outperform rating to a market perform rating and set a $45.84 target price for the company. in a research note on Tuesday, September 6th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty have assigned a buy rating and three have given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $42.21.
Devon Energy Corp. (NYSE:DVN) opened at 48.33 on Wednesday. The stock’s market cap is $25.31 billion. Devon Energy Corp. has a 52-week low of $18.07 and a 52-week high of $46.52. The firm has a 50-day moving average price of $42.36 and a 200 day moving average price of $39.99.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.50%. Devon Energy Corp.’s dividend payout ratio is -1.28%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. RWC Asset Management LLP acquired a new position in Devon Energy Corp. during the third quarter worth approximately $16,745,000. Piedmont Investment Advisors LLC acquired a new position in Devon Energy Corp. during the third quarter worth approximately $22,455,000. Tuttle Tactical Management LLC acquired a new position in Devon Energy Corp. during the third quarter worth approximately $149,000. Cullen Capital Management LLC boosted its position in Devon Energy Corp. by 113.6% in the third quarter. Cullen Capital Management LLC now owns 14,415 shares of the energy company’s stock worth $636,000 after buying an additional 7,665 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. boosted its position in Devon Energy Corp. by 0.8% in the third quarter. Candriam Luxembourg S.C.A. now owns 146,859 shares of the energy company’s stock worth $6,478,000 after buying an additional 1,128 shares in the last quarter. 76.35% of the stock is currently owned by hedge funds and other institutional investors.
Devon Energy Corp. Company Profile
Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.
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