Devon Energy (NYSE:DVN) Trading Up 0.9% After Analyst Upgrade

Devon Energy Co. (NYSE:DVN) shares rose 0.9% on Monday after Piper Sandler raised their price target on the stock from $56.00 to $57.00. Piper Sandler currently has an overweight rating on the stock. Devon Energy traded as high as $39.17 and last traded at $38.81. Approximately 1,093,714 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 7,403,701 shares. The stock had previously closed at $38.47.

A number of other analysts have also recently commented on DVN. Morgan Stanley cut their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Susquehanna lowered their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Jefferies Financial Group began coverage on shares of Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price on the stock. Benchmark reiterated a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Finally, Evercore ISI decreased their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $51.85.

Institutional Trading of Devon Energy

A number of large investors have recently bought and sold shares of DVN. Triad Wealth Partners LLC acquired a new stake in Devon Energy during the 2nd quarter worth $27,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Devon Energy in the 2nd quarter worth $34,000. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy in the 3rd quarter worth $35,000. PSI Advisors LLC lifted its stake in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares during the period. Finally, LRI Investments LLC acquired a new stake in shares of Devon Energy in the 1st quarter worth $39,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

The company has a market cap of $25.47 billion, a price-to-earnings ratio of 7.19, a PEG ratio of 1.20 and a beta of 2.03. 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 company’s 50 day moving average price is $40.04 and its 200 day moving average price is $44.24.

Devon Energy (NYSE:DVN) last released 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. The company 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 business’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the business earned $1.65 EPS. Equities research analysts forecast that Devon Energy Co. will post 4.84 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.27%. Devon Energy’s dividend payout ratio is presently 16.33%.

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.