Devon Energy (NYSE:DVN) Hits New 52-Week Low - Here's What Happened

Devon Energy Co. (NYSE:DVN) reached a new 52-week low during trading on Tuesday, falling to $34.69 before closing at $34.73. This decline was notable as the stock experienced a trading volume of 8,784,328 shares, compared to its previous closing price of $35.51.

Analysts Adjust Price Targets

Several analysts have analyzed DVN shares recently. For instance, Barclays lowered its price target for Devon Energy from $55.00 to $46.00, maintaining an "equal weight" rating. Mizuho also reduced its target from $53.00 to $51.00 while keeping an "outperform" rating. StockNews.com downgraded Devon Energy from a "hold" to a "sell" rating on November 7th. Similarly, Citigroup adjusted its target from $55.00 to $48.00 but assigned a "buy" rating. However, Piper Sandler raised its price target from $56.00 to $57.00, indicating an "overweight" rating. Currently, one analyst has given a sell rating, while eleven have assigned a hold rating and another eleven a buy rating. The consensus rating for Devon Energy is "Hold," with an average target price of $50.75 according to MarketBeat.com.

Devon Energy Stock Performance

The company's market capitalization is $22.81 billion, with a price-to-earnings ratio of 6.59 and a price-to-earnings growth ratio of 1.11. Additionally, it has a beta of 1.99, indicating relatively high volatility compared to the market. The stock's current ratio is 1.11, while its quick ratio stands at 1.01 and the debt-to-equity ratio is 0.61. Devon Energy's 50-day moving average price is $39.28, while the 200-day moving average price is $42.93.

Recent Earnings Report

On November 5th, Devon Energy released its quarterly earnings, reporting $1.10 earnings per share, slightly surpassing the consensus estimate of $1.09. The company's return on equity was reported at 24.73%, with a net margin of 21.71%. Devon Energy generated revenue of $4.02 billion in the quarter, exceeding analysts' expectations of $3.72 billion. In the same quarter last year, it reported earnings of $1.65 per share and achieved a year-over-year revenue increase of 4.9%. Analysts forecast that Devon Energy will post an EPS of 4.79 for the current fiscal year.

Devon Energy Dividend Announcement

Recently, the company declared a quarterly dividend of $0.22 per share, which will be distributed on December 13th, to shareholders recorded by the same date. This translates to an annualized dividend of $0.88, yielding 2.53%. The ex-dividend date will also fall on December 13th, and Devon Energy has a payout ratio of 16.33%.

Institutional Investor Activity

In recent financial developments, several institutional investors have modified their stakes in Devon Energy. Triad Wealth Partners LLC bought new holdings worth $27,000 in the second quarter, while 1620 Investment Advisors Inc. also took a new position evaluated at $34,000. Capital Performance Advisors LLP acquired new shares valued at $35,000 in the third quarter, and PSI Advisors LLC expanded its holdings by 66.7% during the same period. Overall, 69.72% of Devon Energy's shares are held by institutional investors.

About Devon Energy

Devon Energy Corporation, founded in 1971, is an independent energy company focused on the exploration, development, and production of oil, natural gas, and natural gas liquids across the United States. Its operations span important basins including Delaware, Eagle Ford, Anadarko, Williston, and Powder River.

Conclusion

Devon Energy’s recent stock performance and analyst ratings highlight the current challenges and market conditions facing the company. As it navigates this period, investors will be keeping a close eye on further developments and market reactions.

stocks, financial, dividend