Devon Energy (NYSE:DVN) Receives "Hold (C-)" Rating from Weiss Ratings

Key Points

• Devon Energy received a "hold (C-)" rating from Weiss Ratings, reaffirming a cautious outlook on the stock amidst various analyst ratings.
• Recent trading data shows Devon Energy's stock at $34.97 with a 12-month range between $25.89 and $43.29, highlighting fluctuations in its market performance.
• The company reported a 9.4% increase in revenue year-over-year, with earnings per share of $0.84, exceeding analysts' forecasts.

Devon Energy (NYSE:DVN - Get Free Report)'s stock had its "hold (c-)" rating reaffirmed by Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

DVN has been the topic of a number of other research reports. Scotiabank reaffirmed an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Mizuho decreased their price objective on Devon Energy from $43.00 to $40.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Jefferies Financial Group increased their price objective on Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research note on Monday, July 14th. William Blair started coverage on Devon Energy in a research note on Monday, August 25th. They set an "outperform" rating on the stock. Finally, Siebert Williams Shank increased their price objective on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Sixteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Devon Energy has a consensus rating of "Moderate Buy" and a consensus price target of $43.48.

Devon Energy Price Performance

Shares of DVN stock traded down $0.02 during mid-day trading on Wednesday, reaching $34.97. The stock had a trading volume of 11,520,804 shares, compared to its average volume of 7,588,107. Devon Energy has a 12-month low of $25.89 and a 12-month high of $43.29. The company has a market cap of $22.20 billion, a P/E ratio of 7.84, a price-to-earnings-growth ratio of 2.04 and a beta of 1.03. The business has a 50-day simple moving average of $34.49 and a 200 day simple moving average of $33.15. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The business had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same quarter last year, the business posted $1.41 earnings per share. The business's revenue for the quarter was up 9.4% on a year-over-year basis. On average, sell-side analysts anticipate that Devon Energy will post 4.85 earnings per share for the current year.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the transaction, the director directly owned 31,801 shares of the company's stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.71% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC lifted its position in Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock worth $202,327,000 after acquiring an additional 2,802,137 shares in the last quarter. Ameriprise Financial Inc. lifted its position in Devon Energy by 81.1% during the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock worth $188,131,000 after acquiring an additional 2,252,918 shares in the last quarter. Vanguard Group Inc. lifted its position in Devon Energy by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after acquiring an additional 2,098,568 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its position in Devon Energy by 83.9% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 4,568,092 shares of the energy company's stock worth $145,311,000 after acquiring an additional 2,083,600 shares in the last quarter. Finally, Nuveen LLC acquired a new position in Devon Energy during the 1st quarter worth approximately $69,975,000. 69.72% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.