Devon Energy (NYSE:DVN) Shares Gap Up Following Earnings Beat

Shares of Devon Energy Co. (NYSE:DVN) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $34.88, but opened at $36.20. Devon Energy shares last traded at $37.93, with a volume of 3,647,664 shares changing hands.

The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 23.17%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.49%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 19.30%.

Analyst Ratings Changes

Several equities analysts have commented on DVN shares. Benchmark reissued a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a report on Thursday. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a report on Wednesday, January 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a report on Friday, January 10th. Susquehanna raised their target price on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a report on Thursday. Finally, JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a report on Thursday, December 5th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.83.

Institutional Trading of Devon Energy

Several hedge funds have recently modified their holdings of DVN. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Devon Energy in the 3rd quarter valued at $461,857,000. EnCap Partners GP LLC bought a new stake in shares of Devon Energy in the 3rd quarter valued at $408,653,000. EnCap Energy Capital Fund X L.P. bought a new stake in shares of Devon Energy in the 3rd quarter valued at $230,928,000. Vanguard Group Inc. increased its stake in shares of Devon Energy by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after acquiring an additional 5,465,692 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Devon Energy in the 4th quarter valued at $154,170,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 2.7 %

The company has a market cap of $25.35 billion, a P/E ratio of 8.46, a price-to-earnings-growth ratio of 1.09 and a beta of 1.98. The firm’s 50 day moving average price is $34.40 and its two-hundred day moving average price is $38.40. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

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.