Devon Energy (NYSE:DVN) Trading Up 1.7% – Here’s What Happened

Devon Energy Co. (NYSE:DVN)’s stock price was up 1.7% during trading on Monday . The company traded as high as $34.87 and last traded at $34.52. Approximately 3,964,818 shares changed hands during trading, a decline of 46% from the average daily volume of 7,300,667 shares. The stock had previously closed at $33.93.

Analyst Ratings Changes

A number of brokerages recently weighed in on DVN. Jefferies Financial Group began coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price for the company. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. Evercore ISI cut their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. TD Cowen decreased their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Finally, Morgan Stanley cut 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 report on Monday, September 16th. Eleven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.81.

Devon Energy Trading Up 1.3 %

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 business’s 50-day moving average is $35.74 and its 200 day moving average is $40.77. The firm has a market capitalization of $23.09 billion, a P/E ratio of 6.52, a price-to-earnings-growth ratio of 1.10 and a beta of 2.00.

Devon Energy (NYSE:DVN) last released its quarterly earnings results 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 net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the business earned $1.65 earnings per share. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, analysts anticipate 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 was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Trading of Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. EnCap Energy Capital Fund XI L.P. bought a new position in Devon Energy in the third quarter valued at about $461,857,000. EnCap Partners GP LLC bought a new stake in shares of Devon Energy during the 3rd quarter valued at approximately $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in Devon Energy during the 3rd quarter worth approximately $230,928,000. International Assets Investment Management LLC lifted its stake in Devon Energy by 4,125.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after purchasing an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. raised its holdings in Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. 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.