Devon Energy (DVN) Downgraded by TheStreet

TheStreet cut shares of Devon Energy (NYSE:DVN) from a c- rating to a d+ rating in a research note issued to investors on Friday morning.

A number of other equities research analysts have also weighed in on the stock. Piper Jaffray Companies upgraded shares of Devon Energy from a neutral rating to an overweight rating in a research note on Thursday, September 27th. Johnson Rice upgraded shares of Devon Energy from an accumulate rating to a buy rating in a research note on Wednesday, August 15th. UBS Group upgraded Devon Energy from a neutral rating to a buy rating and set a $53.00 price objective for the company in a research note on Monday, August 6th. Morgan Stanley reduced their price objective on Devon Energy from $45.00 to $44.00 and set a hold rating for the company in a research note on Wednesday, September 26th. Finally, Capital One Financial upgraded Devon Energy from an equal weight rating to an overweight rating in a research note on Wednesday, October 24th. They noted that the move was a valuation call. Six research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $49.65.

DVN traded up $0.01 during mid-day trading on Friday, reaching $33.11. 199,174 shares of the company traded hands, compared to its average volume of 7,386,009. The firm has a market cap of $16.42 billion, a PE ratio of 52.51, a P/E/G ratio of 1.40 and a beta of 2.27. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.45. Devon Energy has a 52-week low of $29.83 and a 52-week high of $46.54.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.97%. The ex-dividend date is Thursday, December 13th. Devon Energy’s dividend payout ratio is currently 50.79%.

In related news, Director Robert H. Henry sold 5,600 shares of the company’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $42.14, for a total value of $235,984.00. Following the completion of the transaction, the director now owns 9,704 shares of the company’s stock, valued at approximately $408,926.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.55% of the company’s stock.

A number of institutional investors have recently modified their holdings of DVN. DnB Asset Management AS boosted its holdings in Devon Energy by 10.6% in the 2nd quarter. DnB Asset Management AS now owns 64,775 shares of the energy company’s stock worth $2,848,000 after buying an additional 6,200 shares during the period. IFM Investors Pty Ltd boosted its holdings in Devon Energy by 52.9% in the 2nd quarter. IFM Investors Pty Ltd now owns 23,304 shares of the energy company’s stock worth $1,024,000 after buying an additional 8,066 shares during the period. CENTRAL TRUST Co boosted its holdings in Devon Energy by 158.3% in the 2nd quarter. CENTRAL TRUST Co now owns 25,825 shares of the energy company’s stock worth $1,135,000 after buying an additional 15,825 shares during the period. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in Devon Energy by 25.2% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 9,449 shares of the energy company’s stock worth $415,000 after buying an additional 1,900 shares during the period. Finally, State of Alaska Department of Revenue boosted its holdings in Devon Energy by 10.5% in the 2nd quarter. State of Alaska Department of Revenue now owns 71,470 shares of the energy company’s stock worth $3,141,000 after buying an additional 6,820 shares during the period. 83.77% of the stock is owned by institutional investors.

About Devon Energy

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

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