Devon Energy (NYSE:DVN) Stock Price Up 0.3% – Here’s Why

Devon Energy Co. (NYSE:DVN)’s share price was up 0.3% during mid-day trading on Thursday . The stock traded as high as $39.63 and last traded at $39.23. Approximately 1,028,527 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 7,416,286 shares. The stock had previously closed at $39.11.

Analyst Ratings Changes

Several equities analysts recently commented on DVN shares. Truist Financial cut shares of Devon Energy from a “buy” rating to a “hold” rating and cut their target price for the company from $49.00 to $43.00 in a research note on Thursday, November 7th. JPMorgan Chase & Co. cut their price objective on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. StockNews.com downgraded Devon Energy from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. UBS Group cut their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Finally, TD Cowen lowered their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $51.80.

Devon Energy Stock Performance

The stock has a 50 day moving average price of $40.09 and a two-hundred day moving average price of $44.41. 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 company has a market capitalization of $25.26 billion, a price-to-earnings ratio of 7.14, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.65 EPS. On average, analysts predict that Devon Energy Co. will post 4.84 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.29%. Devon Energy’s payout ratio is presently 16.33%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its stake in Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after buying an additional 206,884 shares during the period. Resources Management Corp CT ADV boosted its stake in Devon Energy by 3.7% during the 3rd quarter. Resources Management Corp CT ADV now owns 15,190 shares of the energy company’s stock worth $594,000 after acquiring an additional 545 shares during the last quarter. M&T Bank Corp grew its holdings in Devon Energy by 3.1% during the third quarter. M&T Bank Corp now owns 34,801 shares of the energy company’s stock valued at $1,361,000 after purchasing an additional 1,040 shares during the period. Gordian Capital Singapore Pte Ltd increased its stake in Devon Energy by 25.3% in the third quarter. Gordian Capital Singapore Pte Ltd now owns 18,800 shares of the energy company’s stock valued at $735,000 after purchasing an additional 3,800 shares in the last quarter. Finally, Peloton Wealth Strategists raised its holdings in Devon Energy by 17.4% in the third quarter. Peloton Wealth Strategists now owns 31,935 shares of the energy company’s stock worth $1,249,000 after purchasing an additional 4,727 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.