Devon Energy Corporation (DVN) Downgraded by Zacks Investment Research to Sell
Zacks Investment Research downgraded shares of Devon Energy Corporation (NYSE:DVN) from a hold rating to a sell rating in a research report released on Friday morning.
According to Zacks, “Loss in Devon’s shares was wider than the broader industry in the last three months. The highly competitive nature of the oil and gas industry has always been a headwind and limited control over some properties controlled by third parties could have an adverse impact on Devon’s performance. Further, its profitability is subject to oil, natural gas and NGL prices, which are volatile and cyclical in nature. However, Devon’s deep and diversified portfolio, primarily composed of unconventional resources, holds significant long-term growth potential. Thanks to solid oil production and performance from its domestic oil plays, the company is well poised to deliver 13–17% growth in U.S. oil production in 2017 from 2016 levels. Devon will continue with its cost-savings initiative in 2017 as well.”
A number of other research analysts also recently weighed in on the stock. Barclays PLC reissued a buy rating and set a $31.00 target price on shares of Devon Energy Corporation in a research report on Friday, July 7th. Sanford C. Bernstein downgraded shares of Devon Energy Corporation from an outperform rating to a market perform rating and reduced their target price for the company from $54.00 to $33.00 in a research report on Thursday, July 6th. BidaskClub raised shares of Devon Energy Corporation from a strong sell rating to a sell rating in a research report on Wednesday, July 5th. Scotiabank set a $49.00 target price on shares of Devon Energy Corporation and gave the company a buy rating in a research report on Saturday, July 1st. Finally, BMO Capital Markets reaffirmed a buy rating and issued a $42.00 price objective on shares of Devon Energy Corporation in a report on Thursday, June 22nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Devon Energy Corporation has a consensus rating of Buy and a consensus price target of $49.05.
Shares of Devon Energy Corporation (DVN) traded down 0.95% during midday trading on Friday, hitting $31.35. The stock had a trading volume of 5,803,459 shares. Devon Energy Corporation has a 52 week low of $28.79 and a 52 week high of $50.69. The company has a market cap of $16.48 billion, a price-to-earnings ratio of 53.23 and a beta of 2.16. The stock’s 50-day moving average price is $33.89 and its 200 day moving average price is $40.97.
Devon Energy Corporation (NYSE:DVN) last released its earnings results on Tuesday, May 2nd. The energy company reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.01. Devon Energy Corporation had a net margin of 2.34% and a return on equity of 4.25%. The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $2.98 billion. On average, equities analysts forecast that Devon Energy Corporation will post $1.75 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.77%. The ex-dividend date of this dividend is Thursday, September 14th. Devon Energy Corporation’s dividend payout ratio (DPR) is currently 43.64%.
In other news, Director Robert A. Mosbacher, Jr. sold 800 shares of the firm’s stock in a transaction on Friday, April 21st. The shares were sold at an average price of $39.18, for a total transaction of $31,344.00. Following the sale, the director now owns 23,308 shares in the company, valued at approximately $913,207.44. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.98% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Exencial Wealth Advisors LLC boosted its stake in Devon Energy Corporation by 0.4% in the first quarter. Exencial Wealth Advisors LLC now owns 13,021 shares of the energy company’s stock valued at $511,000 after buying an additional 46 shares during the period. Park National Corp OH boosted its stake in Devon Energy Corporation by 0.8% in the second quarter. Park National Corp OH now owns 6,779 shares of the energy company’s stock valued at $217,000 after buying an additional 54 shares during the period. Fernwood Investment Management LLC boosted its stake in Devon Energy Corporation by 1.4% in the first quarter. Fernwood Investment Management LLC now owns 7,200 shares of the energy company’s stock valued at $300,000 after buying an additional 100 shares during the period. Godshalk Welsh Capital Management Inc. boosted its stake in Devon Energy Corporation by 1.0% in the first quarter. Godshalk Welsh Capital Management Inc. now owns 10,075 shares of the energy company’s stock valued at $420,000 after buying an additional 100 shares during the period. Finally, Cleararc Capital Inc. boosted its stake in Devon Energy Corporation by 0.9% in the first quarter. Cleararc Capital Inc. now owns 12,835 shares of the energy company’s stock valued at $535,000 after buying an additional 109 shares during the period. Hedge funds and other institutional investors own 77.09% of the company’s stock.
Devon Energy Corporation Company Profile
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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