Devon Energy (NYSE:DVN) Hits New 52-Week Low – Here’s Why

Devon Energy Co. (NYSE:DVN) shares reached a new 52-week low on Monday . The stock traded as low as $37.28 and last traded at $37.28, with a volume of 1703692 shares trading hands. The stock had previously closed at $37.95.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Morgan Stanley lowered their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Barclays lowered their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Jefferies Financial Group initiated coverage on shares of Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective on the stock. Finally, Raymond James reduced their price objective on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Hold” and a consensus price target of $51.15.

Devon Energy Stock Down 1.4 %

The firm has a market cap of $24.58 billion, a price-to-earnings ratio of 7.06, a P/E/G ratio of 1.20 and a beta of 2.03. The firm has a fifty day simple moving average of $39.68 and a 200-day simple moving average of $43.47. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the company posted $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, sell-side analysts expect that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Triad Wealth Partners LLC acquired a new position in shares of Devon Energy during the second quarter worth $27,000. 1620 Investment Advisors Inc. acquired a new position in Devon Energy in the second quarter valued at $34,000. Capital Performance Advisors LLP bought a new stake in Devon Energy during the third quarter valued at $35,000. PSI Advisors LLC grew its holdings in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Devon Energy in the 3rd quarter worth about $39,000. 69.72% of the stock is currently owned by institutional investors.

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.