Devon Energy (NYSE:DVN) Trading Up 1.9% on Analyst Upgrade

Devon Energy Co. (NYSE:DVN) shot up 1.9% on Thursday after Raymond James raised their price target on the stock from $53.00 to $54.00. Raymond James currently has an outperform rating on the stock. Devon Energy traded as high as $37.22 and last traded at $37.14. 1,129,050 shares were traded during mid-day trading, a decline of 89% from the average session volume of 10,326,828 shares. The stock had previously closed at $36.46.

A number of other research firms also recently commented on DVN. Wolfe Research upgraded 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, January 3rd. Wells Fargo & Company dropped their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. BMO Capital Markets decreased their price objective on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Truist Financial cut their target price on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a research report on Monday, January 13th. Finally, Evercore ISI lowered their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.41.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy in the third quarter valued at approximately $35,000. Future Financial Wealth Managment LLC purchased a new stake in Devon Energy in the 3rd quarter valued at approximately $39,000. True Wealth Design LLC grew its holdings in 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 valued at $44,000 after buying an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. increased its position in Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after buying an additional 290 shares in the last quarter. Finally, Activest Wealth Management raised its holdings in shares of Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after acquiring an additional 480 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The firm has a market capitalization of $23.96 billion, a PE ratio of 6.77, a P/E/G ratio of 1.22 and a beta of 2.00. The company has a 50-day moving average price of $35.37 and a 200-day moving average price of $40.05.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the company earned $1.65 EPS. Devon Energy’s revenue for the quarter was up 4.9% on a year-over-year basis. Sell-side analysts forecast that Devon Energy Co. will post 4.68 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

Devon Energy Company Profile

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.