The Devon Energy Corp. (DVN) Cut to Hold at Zacks Investment Research

The Devon Energy Corp. (DVN) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Devon Energy Corp. (NYSE:DVN) from a buy rating to a hold rating in a report issued on Monday morning.

According to Zacks, “Devon Energy persistent focus on high-quality North American properties has led to robust oil output. We expect the consistently strong production in the Eagle Ford and Delaware Basin assets, and the Canadian heavy oil operations to help maintain production levels. The company completed its asset sale target for 2016 by divesting assets worth $3.2 billion and used the proceeds to lower its debt level and make investments in the high-quality resource plays. The shares of Devon Energy have returned higher than the broader industry in the last twelve months. The highly competitive oil and gas industry has always been a headwind, and limited control over some properties could have a material impact on Devon’s performance. Devon’s profitability is subject to oil, natural gas and NGL prices, which are volatile and cyclical in nature.”

DVN has been the topic of a number of other reports. Vetr upgraded shares of Devon Energy Corp. from a buy rating to a strong-buy rating and set a $46.16 price objective on the stock in a research note on Tuesday, September 20th. Seaport Global Securities upgraded shares of Devon Energy Corp. from a neutral rating to a buy rating in a research report on Friday, December 9th. RBC Capital Markets restated a buy rating and issued a $54.00 price target on shares of Devon Energy Corp. in a research report on Tuesday, January 3rd. Wells Fargo & Company downgraded shares of Devon Energy Corp. from an outperform rating to a market perform rating and set a $50.00 price target on the stock. in a research report on Wednesday, January 11th. Finally, Societe Generale downgraded shares of Devon Energy Corp. from a buy rating to a hold rating in a research report on Wednesday, November 30th. Sixteen investment analysts have rated the stock with a hold rating, twenty have given a buy rating and three have given a strong buy rating to the company’s stock. Devon Energy Corp. presently has a consensus rating of Buy and a consensus price target of $43.73.

Devon Energy Corp. (NYSE:DVN) opened at 46.36 on Monday. The stock’s 50 day moving average is $47.23 and its 200-day moving average is $42.75. The firm’s market capitalization is $24.27 billion. Devon Energy Corp. has a 52 week low of $18.07 and a 52 week high of $50.69.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend is Monday, March 13th. Devon Energy Corp.’s dividend payout ratio is -1.28%.

Several institutional investors have recently added to or reduced their stakes in the stock. Steinberg Global Asset Management raised its position in Devon Energy Corp. by 0.9% in the second quarter. Steinberg Global Asset Management now owns 8,756 shares of the energy company’s stock worth $317,000 after buying an additional 79 shares in the last quarter. Geneva Advisors LLC raised its position in shares of Devon Energy Corp. by 0.8% in the third quarter. Geneva Advisors LLC now owns 11,420 shares of the energy company’s stock worth $504,000 after buying an additional 89 shares during the period. Sheaff Brock Investment Advisors LLC raised its position in shares of Devon Energy Corp. by 1.2% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 8,756 shares of the energy company’s stock worth $317,000 after buying an additional 100 shares during the period. Peachtree Investment Advisors Inc. raised its position in shares of Devon Energy Corp. by 0.5% in the third quarter. Peachtree Investment Advisors Inc. now owns 19,605 shares of the energy company’s stock worth $865,000 after buying an additional 100 shares during the period. Finally, Private Bank & Trust Co. raised its position in shares of Devon Energy Corp. by 0.7% in the third quarter. Private Bank & Trust Co. now owns 15,300 shares of the energy company’s stock worth $675,000 after buying an additional 100 shares during the period. 76.22% of the stock is currently owned by institutional investors.

About Devon Energy Corp.

Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.

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