Devon Energy (NYSE:DVN) Cut to Hold at Cowen

Cowen downgraded shares of Devon Energy (NYSE:DVN) to a hold rating in a research note issued to investors on Tuesday. The firm currently has $45.00 price target on the energy company’s stock, down from their previous price target of $46.00.

A number of other equities research analysts also recently issued reports on DVN. TD Cowen reduced their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Truist Financial reduced their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Monday, January 13th. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research report on Thursday, December 5th. Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Tuesday, January 14th. Finally, Piper Sandler upped their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $49.26.

Devon Energy Trading Up 1.0 %

DVN opened at $34.98 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm has a market capitalization of $22.98 billion, a PE ratio of 6.49, a P/E/G ratio of 1.04 and a beta of 1.98. The company’s 50-day moving average is $34.26 and its 200 day moving average is $38.41.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. As a group, research analysts predict that Devon Energy will post 4.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Devon Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after buying an additional 5,465,692 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Devon Energy by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock worth $552,830,000 after buying an additional 1,038,305 shares in the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy in the third quarter worth about $461,857,000. Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after buying an additional 1,677,652 shares in the last quarter. Finally, EnCap Partners GP LLC purchased a new stake in shares of Devon Energy in the third quarter worth about $408,653,000. Institutional investors own 69.72% of the company’s stock.

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.