Zacks Investment Research downgraded shares of Devon Energy (NYSE:DVN) from a buy rating to a hold rating in a research report report published on Wednesday morning.

According to Zacks, “In last six months, Devon Energy’s shares have outperformed its industry.  Devon Energy continues to benefit from strong performance in its Delaware and STACK assets, as well as high-quality domestic oil plays. Devon’s diversified portfolio, focus on high margin production zones, cost savings and divestment of non-core assets are boosting its performance. Thanks to solid oil production and the performance of its domestic oil players, the company is well poised to deliver a significant increase in U.S. oil production in 2018 from 2017 levels. However, the highly competitive nature of the oil and gas industry, limited control over some of its properties and stringent regulations are headwinds.”

Several other equities analysts have also issued reports on the stock. Piper Jaffray Companies upgraded shares of Devon Energy from a neutral rating to an overweight rating in a report on Thursday, September 27th. Morgan Stanley lowered their target price on shares of Devon Energy from $45.00 to $44.00 and set a hold rating for the company in a report on Wednesday, September 26th. Barclays began coverage on shares of Devon Energy in a report on Wednesday, August 29th. They set an overweight rating and a $49.00 target price for the company. KLR Group reiterated a buy rating and set a $60.00 target price on shares of Devon Energy in a report on Monday, August 20th. Finally, Johnson Rice upgraded shares of Devon Energy from an accumulate rating to a buy rating in a report on Wednesday, August 15th. Eight investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. Devon Energy has an average rating of Buy and an average target price of $49.78.

DVN stock opened at $34.94 on Wednesday. Devon Energy has a 52-week low of $29.83 and a 52-week high of $46.54. The company has a market cap of $17.86 billion, a PE ratio of 55.46, a price-to-earnings-growth ratio of 1.49 and a beta of 2.26. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.03). Devon Energy had a negative net margin of 1.60% and a positive return on equity of 5.52%. The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $3.96 billion. During the same quarter in the previous year, the business posted $0.80 earnings per share. Sell-side analysts predict that Devon Energy will post 1.52 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be issued a $0.08 dividend. The ex-dividend date is Thursday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.92%. Devon Energy’s payout ratio is currently 50.79%.

In related news, Director Robert H. Henry sold 5,600 shares of the business’s stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $42.14, for a total value of $235,984.00. Following the completion of the transaction, the director now directly owns 9,704 shares in the company, valued at approximately $408,926.56. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.55% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jackson Grant Investment Advisers Inc. purchased a new stake in Devon Energy during the 2nd quarter valued at $112,000. Financial Architects Inc raised its stake in Devon Energy by 168.5% during the 2nd quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock valued at $119,000 after buying an additional 1,700 shares during the last quarter. SNS Financial Group LLC purchased a new stake in Devon Energy during the 2nd quarter valued at $201,000. Legacy Capital Partners Inc. purchased a new stake in Devon Energy during the 2nd quarter valued at $202,000. Finally, HM Payson & Co. purchased a new stake in Devon Energy during the 2nd quarter valued at $203,000. Institutional investors own 84.06% of the company’s stock.

About Devon Energy

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

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