Devon Energy (NYSE:DVN) Shares Up 1.8% – Time to Buy?

Devon Energy Co. (NYSE:DVN) shares were up 1.8% during mid-day trading on Tuesday . The stock traded as high as $32.62 and last traded at $32.55. Approximately 2,946,823 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 7,795,940 shares. The stock had previously closed at $31.97.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on DVN shares. UBS Group lowered their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Truist Financial lowered Devon Energy from a “buy” rating to a “hold” rating and lowered their price target for the stock from $49.00 to $43.00 in a research report on Thursday, November 7th. Wells Fargo & Company lowered their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, December 25th. Finally, TD Cowen lowered their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Twelve analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $50.05.

Devon Energy Trading Up 2.4 %

The stock has a 50 day simple moving average of $36.20 and a 200-day simple moving average of $41.17. The firm has a market capitalization of $21.50 billion, a P/E ratio of 6.07, a P/E/G ratio of 1.10 and a beta of 1.99. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data 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. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.65 EPS. On average, equities research analysts forecast that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.69%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio is 16.33%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new position in Devon Energy in the 3rd quarter worth approximately $35,000. Future Financial Wealth Managment LLC bought a new position in Devon Energy in the 3rd quarter worth approximately $39,000. True Wealth Design LLC boosted its stake in Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. boosted its stake in Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares during the period. Finally, Activest Wealth Management boosted its stake in Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after purchasing an additional 480 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.