Johnson Rice downgraded shares of Devon Energy (NYSE:DVN) from a buy rating to an accumulate rating in a report released on Tuesday, MarketBeat.com reports.

Several other analysts have also weighed in on DVN. Morgan Stanley reduced their price objective on Devon Energy from $45.00 to $44.00 and set a hold rating on the stock in a research note on Wednesday, September 26th. Piper Jaffray Companies raised Devon Energy from a neutral rating to an overweight rating in a research note on Thursday, September 27th. Zacks Investment Research raised Devon Energy from a hold rating to a buy rating and set a $41.00 price objective on the stock in a research note on Tuesday, October 16th. Mitsubishi UFJ Financial Group raised their price objective on Devon Energy from $46.00 to $48.00 and gave the company a neutral rating in a research note on Wednesday, October 17th. Finally, Seaport Global Securities reaffirmed a buy rating on shares of Devon Energy in a research note on Wednesday, October 17th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have given a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $47.22.

NYSE:DVN traded up $0.04 during trading hours on Tuesday, hitting $26.33. The company’s stock had a trading volume of 418,425 shares, compared to its average volume of 8,270,725. The firm has a market capitalization of $12.09 billion, a PE ratio of 41.81, a price-to-earnings-growth ratio of 1.14 and a beta of 2.15. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.65. Devon Energy has a twelve month low of $20.37 and a twelve month high of $46.54.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 6th. The energy company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.21. The business had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.61 billion. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. Devon Energy’s revenue was up 33.4% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share. On average, analysts anticipate that Devon Energy will post 1.57 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.22%. Devon Energy’s dividend payout ratio (DPR) is 50.79%.

Several institutional investors and hedge funds have recently modified their holdings of DVN. FMR LLC raised its position in shares of Devon Energy by 11.1% during the second quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock worth $517,962,000 after acquiring an additional 1,173,389 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in Devon Energy by 10.8% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 22,398 shares of the energy company’s stock worth $985,000 after purchasing an additional 2,187 shares during the period. OppenheimerFunds Inc. grew its stake in Devon Energy by 1,049.4% during the second quarter. OppenheimerFunds Inc. now owns 448,949 shares of the energy company’s stock worth $19,736,000 after purchasing an additional 409,889 shares during the period. AMP Capital Investors Ltd grew its stake in Devon Energy by 12.1% during the second quarter. AMP Capital Investors Ltd now owns 289,657 shares of the energy company’s stock worth $12,733,000 after purchasing an additional 31,311 shares during the period. Finally, SNS Financial Group LLC acquired a new stake in Devon Energy during the second quarter worth approximately $201,000. Institutional investors own 82.89% of the company’s stock.

Devon Energy Company Profile

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.

See Also: How to invest in a bear market

Analyst Recommendations for Devon Energy (NYSE:DVN)

Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.