Devon Energy (NYSE:DVN) Shares Up 1% – Time to Buy?

Shares of Devon Energy Co. (NYSE:DVN) were up 1% during trading on Friday . The company traded as high as $33.86 and last traded at $33.73. Approximately 2,124,779 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 5,873,662 shares. The stock had previously closed at $33.40.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on DVN. Citigroup cut their price target on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. UBS Group reduced their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Scotiabank lowered their price objective on shares of 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. Raymond James reduced their target price on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Finally, Truist Financial downgraded 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 report on Thursday, November 7th. Eleven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $49.81.

Devon Energy Stock Performance

The stock has a market capitalization of $22.29 billion, a P/E ratio of 6.30, a P/E/G ratio of 1.10 and a beta of 1.99. The stock has a 50 day simple moving average of $35.97 and a two-hundred day simple moving average of $41.01. 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 released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate 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 firm’s revenue was up 4.9% on a year-over-year basis. During the same period last year, the business earned $1.65 earnings per share. On average, equities 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. Stockholders of record on Friday, December 13th were issued 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 dividend yield of 2.59%. Devon Energy’s payout ratio is 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors have recently bought and sold shares of the business. Everence Capital Management Inc. boosted its stake in shares of Devon Energy by 19.4% during the 4th quarter. Everence Capital Management Inc. now owns 33,140 shares of the energy company’s stock worth $1,085,000 after acquiring an additional 5,380 shares during the period. Independent Solutions Wealth Management LLC lifted its holdings in Devon Energy by 38.0% during the 3rd quarter. Independent Solutions Wealth Management LLC now owns 13,781 shares of the energy company’s stock valued at $539,000 after purchasing an additional 3,797 shares during the last quarter. Principal Financial Group Inc. boosted its position in Devon Energy by 1.0% during the third quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company’s stock worth $28,635,000 after purchasing an additional 7,487 shares during the period. IMS Capital Management increased its holdings in shares of Devon Energy by 49.3% in the third quarter. IMS Capital Management now owns 18,660 shares of the energy company’s stock valued at $730,000 after purchasing an additional 6,165 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Devon Energy by 90.1% in the third quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company’s stock valued at $58,435,000 after purchasing an additional 646,045 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

About Devon Energy

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.