Devon Energy (NYSE:DVN) Trading Up 0.2% – Still a Buy?

Devon Energy Co. (NYSE:DVN)’s stock price rose 0.2% on Tuesday . The stock traded as high as $31.17 and last traded at $31.03. Approximately 2,288,911 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 7,773,322 shares. The stock had previously closed at $30.98.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Citigroup lowered their price target on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Morgan Stanley reduced their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Scotiabank decreased their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. UBS Group dropped their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Finally, Wells Fargo & Company reduced their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $50.05.

Devon Energy Stock Up 0.8 %

The firm has a market capitalization of $20.52 billion, a P/E ratio of 5.80, a P/E/G ratio of 1.10 and a beta of 1.99. The company has a 50 day simple moving average of $37.02 and a two-hundred day simple moving average of $41.68. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for 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 business’s revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.65 EPS. On average, equities analysts predict that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently modified their holdings of the business. Capital Performance Advisors LLP acquired a new position in Devon Energy during the 3rd quarter valued at approximately $35,000. Future Financial Wealth Managment LLC acquired a new stake in Devon Energy in the third quarter valued at approximately $39,000. True Wealth Design LLC increased 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 worth $44,000 after acquiring an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. raised its position 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 raised 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 valued at $50,000 after acquiring an additional 480 shares during the last quarter. Hedge funds and other institutional investors 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.