Devon Energy (NYSE:DVN) Trading 1.2% Higher – Here’s Why

Devon Energy Co. (NYSE:DVN) traded up 1.2% during trading on Wednesday . The stock traded as high as $35.19 and last traded at $35.11. 2,157,992 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 8,857,343 shares. The stock had previously closed at $34.69.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Mizuho dropped their price target on shares of 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 cut their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Piper Sandler decreased their price target on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Truist Financial lowered Devon Energy from a “buy” rating to a “hold” rating and lowered their price target for the company from $49.00 to $43.00 in a report on Thursday, November 7th. Finally, Scotiabank reduced their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Eleven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $49.81.

Devon Energy Price Performance

The stock has a 50-day moving average of $35.80 and a two-hundred day moving average of $40.81. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The firm has a market cap of $22.99 billion, a price-to-earnings ratio of 6.49, a price-to-earnings-growth ratio of 1.10 and a beta of 2.00.

Devon Energy (NYSE:DVN) last announced 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 company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the company posted $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The company also recently announced 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 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Institutional Trading of Devon Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. Capital Performance Advisors LLP purchased a new stake in Devon Energy in the 3rd quarter worth about $35,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Devon Energy in the third quarter worth approximately $39,000. True Wealth Design LLC boosted its holdings in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. grew 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 valued at $49,000 after purchasing an additional 290 shares in the last quarter. Finally, Activest Wealth Management increased its stake in Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after buying an additional 480 shares during the period. 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.