Devon Energy (NYSE:DVN) Rating Lowered to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Devon Energy from “buy” to “hold.” Despite that move, analysts overall maintain a “Moderate Buy” consensus, with an average price target of $59.72.
• Several firms lowered their price targets but retained positive ratings: Citigroup cut its target to $60, UBS to $62, and Mizuho to $65.
• Devon beat quarterly expectations, reporting $1.42 in earnings per share versus the $1.33 consensus and $6.86 billion in revenue versus $6.57 billion expected; revenue rose 66.5% year over year.

Devon Energy (NYSE:DVN - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Saturday, Wall Street Zen reports.

A number of other research analysts have also issued reports on the company. Citigroup reduced their price objective on Devon Energy from $67.00 to $60.00 and set a "buy" rating for the company in a research report on Friday. UBS Group dropped their target price on Devon Energy from $65.00 to $62.00 and set a "buy" rating on the stock in a research report on Tuesday. Mizuho cut their target price on Devon Energy from $68.00 to $65.00 and set an "outperform" rating on the stock in a research note on Friday, October 16th. BMO Capital Markets reiterated an "outperform" rating and issued a $67.00 target price on shares of Devon Energy in a research note on Tuesday, October 6th. Finally, Raymond James Financial boosted their price target on shares of Devon Energy from $64.00 to $67.00 and gave the company a "strong-buy" rating in a report on Monday, September 14th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $59.72.

Devon Energy Stock Performance

Shares of DVN stock opened at $46.57 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 0.23. The business has a 50 day moving average of $48.26 and a two-hundred day moving average of $46.20. Devon Energy has a 52 week low of $34.23 and a 52 week high of $52.71. The company has a market cap of $53.08 billion, a P/E ratio of 11.64, a PEG ratio of 1.04 and a beta of 0.43.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The energy company reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.33 by $0.09. The business had revenue of $6.86 billion for the quarter, compared to analysts' expectations of $6.57 billion. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The business's quarterly revenue was up 66.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.04 EPS. As a group, analysts anticipate that Devon Energy will post 5.56 EPS for the current year.

Insider Activity at Devon Energy

In related news, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the sale, the executive vice president directly owned 72,720 shares in the company, valued at $3,705,084. This trade represents a 8.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Clay M. Gaspar bought 3,913 shares of the business's stock in a transaction on Monday, September 14th. The shares were acquired at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the purchase, the chief executive officer directly owned 619,152 shares in the company, valued at $31,626,284.16. This represents a 0.64% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 4.58% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Sigma Planning Corp increased its position in shares of Devon Energy by 3.5% in the 2nd quarter. Sigma Planning Corp now owns 6,902 shares of the energy company's stock valued at $285,000 after buying an additional 233 shares in the last quarter. Retirement Planning Group LLC raised its stake in Devon Energy by 4.5% during the 2nd quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company's stock worth $233,000 after buying an additional 243 shares during the period. JFS Wealth Advisors LLC raised its stake in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after buying an additional 245 shares during the period. Physician Wealth Advisors Inc. raised its stake in Devon Energy by 32.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 1,062 shares of the energy company's stock worth $49,000 after buying an additional 260 shares during the period. Finally, 71 West Capital Partners lifted its holdings in Devon Energy by 2.5% during the third quarter. 71 West Capital Partners now owns 11,004 shares of the energy company's stock worth $507,000 after acquiring an additional 268 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy News Summary

Investors following DVN have been watching these news items:

• Positive Sentiment: Siebert Williams Shank & Co. maintained its “buy” rating, providing continued analyst support for the stock. Siebert rating report
• Neutral Sentiment: Citigroup cut its target to $60 from $67 but kept a “buy” rating; the lower target tempers its continued bullish stance. Citigroup recommendations
• Negative Sentiment: UBS issued a pessimistic forecast for Devon Energy, adding to the cautious analyst outlook; the report summary provided no target or forecast details. UBS forecast report

About Devon Energy

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company's portfolio has evolved through acquisitions and asset sales over its history.

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