Devon Energy (NYSE:DVN) Shares Gap Down Following Analyst Downgrade

Devon Energy Corporation (NYSE:DVN - Get Free Report)'s share price gapped down prior to trading on Monday after Wells Fargo & Company lowered their price target on the stock from $46.00 to $41.00. The stock had previously closed at $35.11, but opened at $34.40. Wells Fargo & Company currently has an overweight rating on the stock. Devon Energy shares last traded at $34.52, with a volume of 1,228,428 shares.

A number of other brokerages have also commented on DVN. Royal Bank Of Canada cut their price target on Devon Energy from $49.00 to $40.00 and set a "sector perform" rating for the company in a report on Monday, April 14th. Cowen cut shares of Devon Energy to a "hold" rating and cut their target price for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Mizuho reduced their price target on shares of Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Scotiabank dropped their price objective on shares of Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating on the stock in a report on Friday, April 11th. Finally, UBS Group reduced their target price on shares of Devon Energy from $41.00 to $35.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $43.50.

Institutional Trading of Devon Energy

Several institutional investors have recently bought and sold shares of DVN. Hurley Capital LLC bought a new position in shares of Devon Energy during the fourth quarter valued at $26,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Devon Energy in the 1st quarter worth about $26,000. Banque Cantonale Vaudoise acquired a new stake in shares of Devon Energy during the 1st quarter worth about $26,000. Accredited Wealth Management LLC bought a new position in Devon Energy during the 4th quarter valued at about $28,000. Finally, Rakuten Securities Inc. lifted its holdings in Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after purchasing an additional 405 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Performance

The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $21.84 billion, a price-to-earnings ratio of 7.75, a price-to-earnings-growth ratio of 2.54 and a beta of 1.02. The stock's 50-day simple moving average is $31.67 and its 200 day simple moving average is $33.58.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). The business had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The firm's revenue was up 23.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.16 earnings per share. Analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy's dividend payout ratio is currently 21.87%.

Devon Energy Company Profile

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.