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

Devon Energy Co. (NYSE:DVNGet Free Report)’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 changed hands 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.

Other equities research analysts also recently issued reports about the stock. TD Cowen reduced their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Scotiabank lowered 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. Citigroup decreased their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Jefferies Financial Group started coverage on Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective on the stock. Finally, Wells Fargo & Company decreased their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Nine equities research 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 stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.45.

View Our Latest Report on DVN

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of DVN. Capital Performance Advisors LLP purchased a new stake in shares of Devon Energy in the third quarter valued at $35,000. Future Financial Wealth Managment LLC acquired a new position in Devon Energy in the 3rd quarter valued at about $39,000. True Wealth Design LLC lifted its holdings 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 valued at $44,000 after purchasing an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. boosted its stake in shares of Devon Energy by 29.8% during 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 last quarter. Finally, Activest Wealth Management grew its holdings in shares of Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after buying an additional 480 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Down 0.1 %

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The firm has a market cap of $23.02 billion, a price-to-earnings ratio of 6.50, a price-to-earnings-growth ratio of 1.21 and a beta of 2.00. The business’s 50-day moving average price is $35.00 and its two-hundred day moving average price is $39.64.

Devon Energy (NYSE:DVNGet Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the firm posted $1.65 EPS. The company’s revenue was up 4.9% on a year-over-year basis. Equities analysts expect that Devon Energy Co. will post 4.7 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $0.22 per share. 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 dividend payout ratio (DPR) is presently 16.33%.

About Devon Energy

(Get Free Report)

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.

Featured Stories

Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.