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

Devon Energy Co. (NYSE:DVN - Get Free Report) gapped down before the market opened 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 trading hands.

Other equities research analysts also recently issued reports about the company. Williams Trading set a $50.00 target price on Devon Energy in a report on Wednesday, March 5th. Royal Bank of Canada dropped their price objective on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a research note on Monday, April 14th. Citigroup decreased their target price on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a research note on Friday, April 4th. The Goldman Sachs Group lifted their price target on shares of Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Finally, Truist Financial boosted their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a report on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of "Moderate Buy" and an average target price of $43.50.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Inspire Investing LLC boosted its position in shares of Devon Energy by 1.2% during the 1st quarter. Inspire Investing LLC now owns 63,243 shares of the energy company's stock valued at $2,365,000 after purchasing an additional 780 shares in the last quarter. Strs Ohio bought a new stake in Devon Energy during the first quarter worth approximately $21,505,000. Ellsworth Advisors LLC acquired a new position in Devon Energy in the first quarter worth approximately $4,984,000. Jacobi Capital Management LLC increased its holdings in shares of Devon Energy by 111.5% in the first quarter. Jacobi Capital Management LLC now owns 17,174 shares of the energy company's stock valued at $642,000 after buying an additional 9,053 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in shares of Devon Energy by 4.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 9,931 shares of the energy company's stock valued at $371,000 after acquiring an additional 465 shares during the last quarter. Institutional investors own 69.72% of the company's stock.

Devon Energy Trading Down 1.4%

The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The firm has a market capitalization of $22.22 billion, a P/E ratio of 7.59, a price-to-earnings-growth ratio of 1.20 and a beta of 1.02. The firm has a 50 day moving average price of $31.38 and a two-hundred day moving average price of $33.59.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same quarter in the previous year, the firm posted $1.16 EPS. Devon Energy's quarterly revenue was up 23.8% on a year-over-year basis. On average, equities research analysts expect that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy's dividend payout ratio (DPR) is currently 21.87%.

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.

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