Devon Energy (NYSE:DVN) Trading 3.1% Higher – Here’s What Happened

Devon Energy Co. (NYSE:DVN) rose 3.1% during trading on Tuesday . The stock traded as high as $34.91 and last traded at $34.79. Approximately 2,210,648 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 8,304,262 shares. The stock had previously closed at $33.75.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on DVN shares. Mizuho cut their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. BMO Capital Markets reduced their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Citigroup dropped their price target on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Evercore ISI lowered their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. Finally, Scotiabank cut their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Eleven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $49.81.

Devon Energy Stock Performance

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The stock has a 50-day moving average of $35.87 and a 200-day moving average of $40.89. The firm has a market cap of $22.85 billion, a price-to-earnings ratio of 6.45, a price-to-earnings-growth ratio of 1.10 and a beta of 2.00.

Devon Energy (NYSE:DVN) last announced 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 business 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 firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.65 earnings per share. As a group, analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.53%. Devon Energy’s payout ratio is presently 16.33%.

Institutional Investors Weigh In On Devon Energy

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