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

Devon Energy Co. (NYSE:DVN)’s stock price was up 0.9% during trading 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. Approximately 1,093,714 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 7,403,701 shares. The stock had previously closed at $38.47.

Other research analysts also recently issued reports about the stock. Wells Fargo & Company reduced their price objective on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. Truist Financial cut shares of Devon Energy from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. Barclays lowered their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Jefferies Financial Group initiated coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price on the stock. Finally, Scotiabank reduced 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. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of “Hold” and an average price target of $51.85.

Institutional Investors Weigh In On Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. William B. Walkup & Associates Inc. acquired a new stake in shares of Devon Energy in the 2nd quarter valued at $1,026,000. Nations Financial Group Inc. IA ADV bought a new stake in Devon Energy during the 3rd quarter worth about $592,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Devon Energy during the 2nd quarter worth about $711,000. New York State Teachers Retirement System grew its position in shares of 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 buying an additional 87,462 shares during the period. Finally, CWM LLC grew its position in shares of Devon Energy by 73.4% during the 3rd quarter. CWM LLC now owns 38,969 shares of the energy company’s stock worth $1,524,000 after buying an additional 16,490 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

The company has a market capitalization of $25.47 billion, a price-to-earnings ratio of 7.21, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. The company has a 50-day moving average price of $40.09 and a 200-day moving average price of $44.33. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data 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. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the firm earned $1.65 EPS. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts expect that Devon Energy Co. will post 4.84 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio 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.