Devon Energy (NYSE:DVN) Trading Up 0.1% – Time to Buy?

Devon Energy Co. (NYSE:DVN) rose 0.1% during trading on Thursday . The stock traded as high as $38.45 and last traded at $38.45. Approximately 1,595,853 shares changed hands during trading, a decline of 85% from the average daily volume of 10,618,838 shares. The stock had previously closed at $38.43.

Analyst Upgrades and Downgrades

DVN has been the subject of several analyst reports. TD Cowen lowered their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Susquehanna cut their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Benchmark raised Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research note on Tuesday. Evercore ISI cut their price objective on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Finally, Scotiabank decreased their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.27.

Devon Energy Price Performance

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 stock has a market cap of $25.35 billion, a price-to-earnings ratio of 7.16, a PEG ratio of 1.14 and a beta of 2.00. The stock has a 50-day moving average price of $35.50 and a two-hundred day moving average price of $40.40.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating 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 previous year, the company earned $1.65 earnings per share. As a group, equities research analysts forecast that Devon Energy Co. will post 4.72 EPS for the current year.

Devon Energy Announces Dividend

The company 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. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.28%. 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

Several hedge funds and other institutional investors have recently bought and sold shares of the business. EnCap Energy Capital Fund XI L.P. acquired a new stake in shares of Devon Energy in the third quarter worth $461,857,000. EnCap Partners GP LLC purchased a new stake in Devon Energy in the third quarter valued at $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new stake in Devon Energy during the 3rd quarter worth about $230,928,000. International Assets Investment Management LLC raised its stake in shares of Devon Energy by 4,125.7% during the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after buying an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after buying an additional 1,677,652 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.