Devon Energy (NYSE:DVN) Shares Gap Up After Strong Earnings

Shares of Devon Energy Co. (NYSE:DVN) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $34.88, but opened at $36.20. Devon Energy shares last traded at $37.93, with a volume of 3,647,664 shares changing hands.

The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion.

Wall Street Analyst Weigh In

Several research firms recently weighed in on DVN. Piper Sandler increased their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Benchmark upgraded shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Tuesday, January 14th. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. TD Cowen cut their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Finally, Raymond James upped their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $49.26.

Hedge Funds Weigh In On Devon Energy

Several hedge funds have recently modified their holdings of DVN. GF Fund Management CO. LTD. acquired a new position in Devon Energy in the 4th quarter worth about $6,513,000. Vise Technologies Inc. increased its position in shares of Devon Energy by 56.8% during the 4th quarter. Vise Technologies Inc. now owns 11,806 shares of the energy company’s stock worth $386,000 after purchasing an additional 4,275 shares during the last quarter. Headinvest LLC boosted its stake in Devon Energy by 51.7% during the fourth quarter. Headinvest LLC now owns 19,670 shares of the energy company’s stock worth $644,000 after buying an additional 6,700 shares during the period. Inspire Trust Co. N.A. acquired a new stake in Devon Energy in the 4th quarter valued at about $3,731,000. Finally, White Knight Strategic Wealth Advisors LLC raised its holdings in Devon Energy by 79.4% in the fourth quarter. White Knight Strategic Wealth Advisors LLC now owns 39,104 shares of the energy company’s stock valued at $1,280,000 after acquiring an additional 17,312 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 9.5 %

The company’s 50-day moving average price is $34.26 and its 200-day moving average price is $38.41. The firm has a market capitalization of $25.09 billion, a PE ratio of 7.08, a PEG ratio of 1.08 and a beta of 1.98. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

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.