Devon Energy (NYSE:DVN) Stock Price Up 3.1% – Time to Buy?

Devon Energy Co. (NYSE:DVN)’s share price was up 3.1% during mid-day 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.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Raymond James lowered their target price on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research note on Friday, January 3rd. Citigroup cut their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Benchmark restated a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Finally, Barclays cut their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Eleven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $49.81.

Devon Energy Stock Performance

The company has a market cap of $23.09 billion, a price-to-earnings ratio of 6.52, a P/E/G ratio of 1.10 and a beta of 2.00. 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 fifty day simple moving average of $35.74 and a 200 day simple moving average of $40.77.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating 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%. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the business posted $1.65 EPS. On average, sell-side analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid 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 2.50%. Devon Energy’s payout ratio is 16.33%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of DVN. William B. Walkup & Associates Inc. bought a new stake in shares of Devon Energy in the second quarter valued at about $1,026,000. Legacy Investment Solutions LLC bought a new position in Devon Energy in the third quarter worth $8,002,000. Bridgewater Associates LP acquired a new stake in Devon Energy during the third quarter worth $9,426,000. Petrus Trust Company LTA raised its stake in shares of Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after buying an additional 17,415 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in shares of Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after acquiring an additional 6,358 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.