Devon Energy (NYSE:DVN) Trading Up 2.4% – Here’s What Happened

Devon Energy Co. (NYSE:DVN)’s share price traded up 2.4% during mid-day trading on Wednesday . The company traded as high as $32.78 and last traded at $32.73. 10,399,120 shares changed hands during trading, an increase of 33% from the average session volume of 7,827,665 shares. The stock had previously closed at $31.97.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Barclays lowered their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Piper Sandler dropped their target price on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Wells Fargo & Company decreased their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Raymond James lowered their price target on Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Finally, Morgan Stanley cut their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Hold” and an average target price of $50.05.

Devon Energy Stock Performance

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The firm has a 50 day moving average price of $36.07 and a two-hundred day moving average price of $41.12. The company has a market capitalization of $21.94 billion, a P/E ratio of 6.20, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share 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 firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the business posted $1.65 earnings per share. The business’s revenue was up 4.9% compared to the same quarter last year. On average, research analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.63%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Trading of Devon Energy

Several hedge funds have recently modified their holdings of the company. Ritholtz Wealth Management bought a new position in Devon Energy in the 2nd quarter valued at $489,000. Natixis Advisors LLC lifted its position in Devon Energy by 46.1% during the 2nd quarter. Natixis Advisors LLC now owns 334,882 shares of the energy company’s stock worth $15,873,000 after buying an additional 105,644 shares in the last quarter. CIBC Asset Management Inc grew its holdings in Devon Energy by 11.0% during the 2nd quarter. CIBC Asset Management Inc now owns 100,824 shares of the energy company’s stock worth $4,779,000 after acquiring an additional 9,954 shares during the last quarter. First National Trust Co increased its position in Devon Energy by 20.9% in the 2nd quarter. First National Trust Co now owns 8,615 shares of the energy company’s stock valued at $408,000 after acquiring an additional 1,488 shares in the last quarter. Finally, Simon Quick Advisors LLC increased its position in Devon Energy by 8.7% in the 2nd quarter. Simon Quick Advisors LLC now owns 5,112 shares of the energy company’s stock valued at $242,000 after acquiring an additional 410 shares in the last quarter. 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.