Devon Energy (NYSE:DVN) Stock Price Down 1.1%

Devon Energy Co. (NYSE:DVN - Get Free Report) shares traded down 1.1% during mid-day trading on Wednesday . The stock traded as low as $51.84 and last traded at $51.98. 1,702,939 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 7,852,719 shares. The stock had previously closed at $52.57.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. 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, April 15th. Mizuho lowered their target price 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. Citigroup lifted their target price on Devon Energy from $55.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, April 11th. Raymond James lowered their target price on Devon Energy from $53.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, January 24th. Finally, Barclays assumed coverage on Devon Energy in a research report on Wednesday, April 10th. They issued an "equal weight" rating and a $59.00 target price on the stock. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Devon Energy has a consensus rating of "Moderate Buy" and an average target price of $58.33.

Devon Energy Trading Down 0.9 %

The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $33.08 billion, a P/E ratio of 8.93 and a beta of 2.19. The firm has a 50 day moving average of $48.51 and a 200-day moving average of $46.09.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly 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 business had revenue of $4.15 billion during the quarter, compared to analysts' expectations of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm's revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.66 earnings per share. On average, equities research analysts predict that Devon Energy Co. will post 5.2 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy's payout ratio is presently 15.09%.

Institutional Investors Weigh In On Devon Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Keene & Associates Inc. increased its holdings in Devon Energy by 1.3% in the first quarter. Keene & Associates Inc. now owns 71,405 shares of the energy company's stock valued at $3,583,000 after purchasing an additional 930 shares during the period. Pinnacle Wealth Management Group Inc. acquired a new stake in shares of Devon Energy in the 1st quarter valued at about $204,000. Adams Natural Resources Fund Inc. boosted its stake in Devon Energy by 126.0% during the 1st quarter. Adams Natural Resources Fund Inc. now owns 284,700 shares of the energy company's stock valued at $14,286,000 after purchasing an additional 158,700 shares during the last quarter. Premier Path Wealth Partners LLC acquired a new position in Devon Energy during the 1st quarter valued at about $200,000. Finally, Simplicity Wealth LLC acquired a new position in Devon Energy during the 1st quarter valued at about $575,000. 69.72% of the stock is currently owned by institutional investors.

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.