Devon Energy (NYSE:DVN) Trading Up 0.6% on Analyst Upgrade

Devon Energy Co. (NYSE:DVN)’s share price rose 0.6% during trading on Wednesday after Piper Sandler raised their price target on the stock from $53.00 to $54.00. Piper Sandler currently has an overweight rating on the stock. Devon Energy traded as high as $35.03 and last traded at $35.08. Approximately 1,226,406 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 9,740,031 shares. The stock had previously closed at $34.88.

A number of other analysts also recently commented on DVN. Royal Bank of Canada reissued a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a research note on Thursday, December 5th. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Wednesday, January 15th. Truist Financial decreased their target price on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a research report on Monday, January 13th. Finally, Scotiabank dropped their price target 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $49.45.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Riversedge Advisors LLC boosted its stake in shares of Devon Energy by 3.6% during the third quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock valued at $287,000 after purchasing an additional 253 shares during the period. Modus Advisors LLC increased its stake in shares of Devon Energy by 2.4% in the third quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock worth $447,000 after buying an additional 272 shares during the period. Hazlett Burt & Watson Inc. raised its holdings in Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares during the last quarter. Sfmg LLC boosted its position in Devon Energy by 0.5% during the 3rd quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after buying an additional 294 shares during the period. Finally, Redwood Wealth Management Group LLC grew its holdings in Devon Energy by 3.9% in the 4th quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock worth $266,000 after acquiring an additional 309 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

The stock has a market cap of $23.02 billion, a PE ratio of 6.50, a PEG ratio of 1.21 and a beta of 2.00. The business’s 50-day simple moving average is $35.07 and its 200-day simple moving average is $39.67. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last announced its quarterly 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. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the business earned $1.65 EPS. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. On average, research analysts expect that Devon Energy Co. will post 4.7 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date was Friday, December 13th. Devon Energy’s payout ratio is 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.