Devon Energy (NYSE:DVN) Stock Price Up 0.9% – Still a Buy?

Devon Energy Co. (NYSE:DVN)’s stock price shot up 0.9% during trading on Wednesday . The stock traded as high as $36.83 and last traded at $37.06. 1,830,857 shares were traded during trading, a decline of 83% from the average session volume of 10,560,949 shares. The stock had previously closed at $36.73.

Analyst Ratings Changes

A number of equities analysts have weighed in on DVN shares. Jefferies Financial Group began 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 for the company. Truist Financial reduced their price target on Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a report on Monday, January 13th. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research report on Friday, January 3rd. Wells Fargo & Company dropped their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Finally, Susquehanna decreased their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a report on Friday, October 18th. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $49.27.

Devon Energy Stock Up 0.1 %

The company has a market capitalization of $24.16 billion, a PE ratio of 6.82, a price-to-earnings-growth ratio of 1.26 and a beta of 2.00. The firm has a 50-day simple moving average of $35.43 and a 200 day simple moving average of $40.07. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate 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 quarter in the previous year, the firm earned $1.65 EPS. The company’s revenue was up 4.9% on a year-over-year basis. On average, research analysts predict that Devon Energy Co. will post 4.68 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.39%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. Envestnet Asset Management Inc. raised its holdings in Devon Energy by 0.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 315,446 shares of the energy company’s stock worth $14,952,000 after acquiring an additional 1,591 shares during the period. Edgestream Partners L.P. bought a new stake in Devon Energy during the second quarter worth about $342,000. Intech Investment Management LLC increased its holdings in Devon Energy by 449.1% during the 2nd quarter. Intech Investment Management LLC now owns 22,398 shares of the energy company’s stock valued at $1,062,000 after purchasing an additional 18,319 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in Devon Energy by 53.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 12,846 shares of the energy company’s stock worth $609,000 after buying an additional 4,460 shares in the last quarter. Finally, AE Wealth Management LLC increased its holdings in shares of Devon Energy by 48.1% in the second quarter. AE Wealth Management LLC now owns 15,923 shares of the energy company’s stock valued at $755,000 after purchasing an additional 5,168 shares in the last quarter. Hedge funds and other institutional investors 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.