Devon Energy (NYSE:DVN) Stock Price Down 1.6%

Devon Energy Co. (NYSE:DVN) was down 1.6% during trading on Tuesday . The stock traded as low as $51.55 and last traded at $51.83. Approximately 2,242,030 shares changed hands during trading, a decline of 72% from the average daily volume of 8,040,615 shares. The stock had previously closed at $52.68.

Analyst Ratings Changes

DVN has been the topic of a number of research reports. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Morgan Stanley lifted their target price on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday. Mizuho cut their price target on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, January 11th. Barclays assumed coverage on Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective on the stock. Finally, Scotiabank lifted their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.89.

Devon Energy Price Performance

The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The stock’s 50-day moving average is $47.08 and its two-hundred day moving average is $45.74. The company has a market capitalization of $33.11 billion, a PE ratio of 8.89 and a beta of 2.19.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.66 EPS. On average, equities analysts predict that Devon Energy Co. will post 5.02 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors have recently modified their holdings of the company. Coppell Advisory Solutions LLC purchased a new stake in Devon Energy in the 2nd quarter worth approximately $25,000. Canada Pension Plan Investment Board acquired a new position in Devon Energy during the 1st quarter worth about $26,000. KB Financial Partners LLC acquired a new position in Devon Energy during the 1st quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Devon Energy during the 3rd quarter valued at $27,000. Finally, Manchester Capital Management LLC bought a new position in Devon Energy during the fourth quarter worth about $28,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

About Devon Energy

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.