Devon Energy (NYSE:DVN) Stock Price Up 1% – Here’s Why

Devon Energy Co. (NYSE:DVN)’s stock price shot up 1% during trading on Friday . The stock traded as high as $33.86 and last traded at $33.73. 2,124,779 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 5,873,662 shares. The stock had previously closed at $33.40.

Analysts Set New Price Targets

Several equities analysts have issued reports on DVN shares. Piper Sandler lowered their target price on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research report on Thursday, December 5th. Barclays decreased their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Benchmark reissued a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Finally, StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday. Eleven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.81.

Devon Energy Price Performance

The company’s fifty day moving average is $36.07 and its two-hundred day moving average is $41.12. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $22.35 billion, a price-to-earnings ratio of 6.31, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.65 earnings per share. Equities research analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

Several large investors have recently modified their holdings of the business. Ritholtz Wealth Management acquired a new stake in Devon Energy in the second quarter worth $489,000. Natixis Advisors LLC boosted its stake in Devon Energy by 46.1% during the 2nd quarter. Natixis Advisors LLC now owns 334,882 shares of the energy company’s stock valued at $15,873,000 after purchasing an additional 105,644 shares during the last quarter. CIBC Asset Management Inc increased its holdings in Devon Energy by 11.0% during the 2nd quarter. CIBC Asset Management Inc now owns 100,824 shares of the energy company’s stock worth $4,779,000 after purchasing an additional 9,954 shares in the last quarter. First National Trust Co lifted its holdings in shares of Devon Energy by 20.9% in the second quarter. First National Trust Co now owns 8,615 shares of the energy company’s stock valued at $408,000 after purchasing an additional 1,488 shares in the last quarter. Finally, Simon Quick Advisors LLC raised its stake in shares of Devon Energy by 8.7% during the 2nd quarter. Simon Quick Advisors LLC now owns 5,112 shares of the energy company’s stock worth $242,000 after purchasing an additional 410 shares during the period. Institutional investors own 69.72% of the company’s stock.

About Devon Energy

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.