Devon Energy (NYSE:DVN) Stock Price Up 0.5% – Here’s What Happened

Devon Energy Co. (NYSE:DVN)’s share price shot up 0.5% on Tuesday . The stock traded as high as $37.39 and last traded at $36.97. 2,512,075 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 10,265,698 shares. The stock had previously closed at $36.77.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on DVN. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Jefferies Financial Group began coverage on Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective on the stock. UBS Group cut their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Evercore ISI dropped their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. Finally, Barclays reduced 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 report on Thursday, October 3rd. Ten equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.18.

Devon Energy Price Performance

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 $24.42 billion, a price-to-earnings ratio of 6.90, a PEG ratio of 1.07 and a beta of 2.00. The stock has a 50-day moving average price of $35.58 and a 200 day moving average price of $40.49.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the business earned $1.65 earnings per share. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, equities research analysts forecast that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.37%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Hedge Funds Weigh In On Devon Energy

Institutional investors have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP purchased a new stake in shares of Devon Energy during the third quarter worth approximately $35,000. Future Financial Wealth Managment LLC acquired a new position in Devon Energy in the 3rd quarter valued at $39,000. True Wealth Design LLC raised its position in Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after buying an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. lifted its stake in shares of Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after acquiring an additional 290 shares during the period. Finally, Activest Wealth Management boosted its holdings in shares of Devon Energy by 60.4% in 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 in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

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.