Devon Energy (NYSE:DVN) Shares Up 0.1% – Here’s Why

Devon Energy Co. (NYSE:DVN)’s share price was up 0.1% during mid-day trading on Thursday . The stock traded as high as $38.45 and last traded at $38.45. Approximately 1,595,853 shares were traded during trading, a decline of 85% from the average daily volume of 10,618,838 shares. The stock had previously closed at $38.43.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on DVN shares. Truist Financial dropped their target price on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Monday, January 13th. Jefferies Financial Group started coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price for the company. Barclays lowered their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Royal Bank of Canada restated a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Finally, Raymond James lowered their price objective on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.27.

Devon Energy Trading Down 1.2 %

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The stock’s 50-day simple moving average is $35.48 and its 200-day simple moving average is $40.32. The firm has a market capitalization of $24.95 billion, a PE ratio of 7.05, a P/E/G ratio of 1.14 and a beta of 2.00.

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 analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.65 EPS. As a group, sell-side analysts expect that Devon Energy Co. will post 4.72 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s payout ratio is currently 16.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in DVN. Capital Performance Advisors LLP bought a new stake in shares of Devon Energy during the 3rd quarter valued at $35,000. Future Financial Wealth Managment LLC bought a new stake in shares of Devon Energy during the 3rd quarter valued at $39,000. True Wealth Design LLC boosted its holdings in shares of 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 valued at $44,000 after buying an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. boosted its holdings 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 valued at $49,000 after buying an additional 290 shares in the last quarter. Finally, Activest Wealth Management boosted its holdings in shares of Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after buying an additional 480 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.