Devon Energy (NYSE:DVN) Trading 3.4% Higher – Time to Buy?

Devon Energy Co. (NYSE:DVN) shares traded up 3.4% during trading on Thursday . The stock traded as high as $33.93 and last traded at $33.84. 3,177,250 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 7,827,665 shares. The stock had previously closed at $32.73.

Analysts Set New Price Targets

DVN has been the subject of a number of research reports. Citigroup lowered their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a report on Thursday, December 5th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research report on Friday. Jefferies Financial Group assumed coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target on the stock. Finally, Scotiabank dropped their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Eleven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $49.81.

Devon Energy Price Performance

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 company’s fifty day moving average price is $35.97 and its 200 day moving average price is $41.04. The company has a market capitalization of $22.29 billion, a P/E ratio of 6.30, a PEG ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates 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 company’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the company earned $1.65 EPS. As a group, sell-side analysts forecast that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.59%. Devon Energy’s dividend payout ratio is 16.33%.

Institutional Trading of Devon Energy

Several large investors have recently made changes to their positions in DVN. Capital Performance Advisors LLP bought a new stake in Devon Energy during the third quarter worth $35,000. Future Financial Wealth Managment LLC acquired a new position in shares of Devon Energy during the 3rd quarter worth $39,000. True Wealth Design LLC lifted its position in shares of Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after buying an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. boosted its stake in Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares in the last quarter. Finally, Activest Wealth Management grew its position in Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after acquiring an additional 480 shares during the last quarter. Institutional investors and hedge funds 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.