Devon Energy (NYSE:DVN) Shares Up 0.9% Following Analyst Upgrade

Devon Energy Co. (NYSE:DVN) shares traded up 0.9% on Monday after Piper Sandler raised their price target on the stock from $56.00 to $57.00. Piper Sandler currently has an overweight rating on the stock. Devon Energy traded as high as $39.17 and last traded at $38.81. 1,093,714 shares changed hands during trading, a decline of 85% from the average session volume of 7,403,701 shares. The stock had previously closed at $38.47.

Other research analysts have also recently issued reports about the company. StockNews.com cut Devon Energy from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. BMO Capital Markets lowered their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Jefferies Financial Group initiated coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price for the company. Benchmark reissued a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Devon Energy has an average rating of “Hold” and a consensus price target of $51.85.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. William B. Walkup & Associates Inc. acquired a new stake in Devon Energy during the 2nd quarter worth approximately $1,026,000. CIBC Asset Management Inc increased its position in shares of Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after acquiring an additional 6,358 shares during the period. Nations Financial Group Inc. IA ADV acquired a new stake in shares of Devon Energy in the third quarter valued at $592,000. Gordian Capital Singapore Pte Ltd purchased a new position in Devon Energy in the second quarter valued at $711,000. Finally, New York State Teachers Retirement System grew its stake in Devon Energy by 14.2% during the 3rd quarter. New York State Teachers Retirement System now owns 704,831 shares of the energy company’s stock worth $27,573,000 after purchasing an additional 87,462 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 2.2 %

The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company has a market cap of $24.90 billion, a PE ratio of 7.03, a P/E/G ratio of 1.20 and a beta of 2.03. The company has a fifty day simple moving average of $39.99 and a two-hundred day simple moving average of $44.15.

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, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm 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 earned $1.65 earnings per share. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. Analysts anticipate that Devon Energy Co. will post 4.84 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

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.