Devon Energy (NYSE:DVN) Trading Up 0.8% – Should You Buy?

Devon Energy Co. (NYSE:DVN)’s stock price shot up 0.8% during mid-day trading on Wednesday . The stock traded as high as $31.28 and last traded at $31.24. Approximately 5,806,566 shares traded hands during trading, a decline of 25% from the average session volume of 7,789,264 shares. The stock had previously closed at $30.98.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on DVN shares. Jefferies Financial Group assumed coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective on the stock. Piper Sandler decreased their target price on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Citigroup dropped their price target on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. TD Cowen decreased their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Finally, Barclays dropped their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Twelve equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy has an average rating of “Hold” and a consensus target price of $50.05.

Devon Energy Stock Performance

The stock has a market capitalization of $20.44 billion, a PE ratio of 5.77, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The business’s fifty day moving average is $36.83 and its two-hundred day moving average is $41.61. 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 issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The business 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 period last year, the company posted $1.65 EPS. As a group, research analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed 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 of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.83%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of the stock. EnCap Energy Capital Fund XI L.P. bought a new stake in Devon Energy in the third quarter worth $461,857,000. EnCap Partners GP LLC bought a new stake in shares of Devon Energy in the 3rd quarter worth about $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in shares of Devon Energy during the 3rd quarter worth about $230,928,000. International Assets Investment Management LLC boosted 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 worth $89,231,000 after purchasing an additional 2,226,983 shares during the period. Finally, Pacer Advisors Inc. grew its holdings in Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. Hedge funds and other institutional investors 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.