Devon Energy (NYSE:DVN) Trading 1.7% Higher – What’s Next?

Devon Energy Co. (NYSE:DVN) shares traded up 1.7% during mid-day trading on Monday . The company traded as high as $34.87 and last traded at $34.52. 3,964,818 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 7,300,667 shares. The stock had previously closed at $33.93.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. UBS Group cut their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Citigroup cut their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Barclays cut their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a report on Friday. Finally, Morgan Stanley lowered their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Eleven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.81.

Devon Energy Price Performance

The stock’s 50 day moving average is $35.97 and its two-hundred day moving average is $40.97. 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 stock has a market capitalization of $22.22 billion, a PE ratio of 6.28, a price-to-earnings-growth ratio of 1.10 and a beta of 2.00.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share 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 net margin of 21.71% and a return on equity of 24.73%. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.65 earnings per share. As a group, sell-side analysts forecast that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bard Financial Services Inc. boosted its holdings in Devon Energy by 86.9% in the fourth quarter. Bard Financial Services Inc. now owns 20,650 shares of the energy company’s stock valued at $676,000 after purchasing an additional 9,600 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Devon Energy by 70.0% in the fourth quarter. Nordea Investment Management AB now owns 65,861 shares of the energy company’s stock valued at $2,145,000 after acquiring an additional 27,114 shares during the period. Everence Capital Management Inc. boosted its holdings in shares of Devon Energy by 19.4% in the fourth quarter. Everence Capital Management Inc. now owns 33,140 shares of the energy company’s stock valued at $1,085,000 after acquiring an additional 5,380 shares during the period. Independent Solutions Wealth Management LLC boosted its holdings in shares of Devon Energy by 38.0% in the third quarter. Independent Solutions Wealth Management LLC now owns 13,781 shares of the energy company’s stock valued at $539,000 after acquiring an additional 3,797 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of Devon Energy by 1.0% in the third quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company’s stock valued at $28,635,000 after acquiring an additional 7,487 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

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.