Devon Energy (NYSE:DVN) Shares Up 1.5% – Here’s What Happened

Shares of Devon Energy Co. (NYSE:DVN) traded up 1.5% during trading on Friday . The company traded as high as $36.88 and last traded at $35.68. 4,722,752 shares were traded during trading, a decline of 51% from the average session volume of 9,609,454 shares. The stock had previously closed at $35.15.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. 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 report on Thursday, October 3rd. Citigroup dropped their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Raymond James reduced their price objective on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. UBS Group lowered their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Finally, Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and cut their price target for the stock from $49.00 to $43.00 in a research note on Thursday, November 7th. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $49.48.

Devon Energy Stock Up 2.7 %

The firm has a market cap of $23.71 billion, a price-to-earnings ratio of 6.70, a PEG ratio of 1.07 and a beta of 1.99. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm has a fifty day moving average price of $35.62 and a 200-day moving average price of $40.60.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company earned $1.65 EPS. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, sell-side analysts forecast that Devon Energy Co. will post 4.79 EPS for the current 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 given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.44%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after buying an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Devon Energy during the 3rd quarter valued at $461,857,000. Pacer Advisors Inc. boosted its position 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 period. EnCap Partners GP LLC acquired a new stake in Devon Energy in the 3rd quarter valued at $408,653,000. Finally, Victory Capital Management Inc. raised its position in Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after purchasing an additional 361,968 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.