Devon Energy (NYSE:DVN) Trading 0.6% Higher After Analyst Upgrade

Devon Energy Co. (NYSE:DVN)’s stock price shot up 0.6% on Wednesday after Piper Sandler raised their price target on the stock from $53.00 to $54.00. Piper Sandler currently has an overweight rating on the stock. Devon Energy traded as high as $35.03 and last traded at $35.08. 1,226,406 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 9,740,031 shares. The stock had previously closed at $34.88.

Several other equities research analysts have also recently weighed in on the stock. 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 note on Monday, January 13th. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Friday, January 3rd. Mizuho reduced their price objective on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Susquehanna lowered their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Finally, Barclays cut their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $49.45.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of DVN. Capital Performance Advisors LLP acquired a new position in Devon Energy in the 3rd quarter worth $35,000. Future Financial Wealth Managment LLC bought a new stake in shares of Devon Energy in the third quarter valued at about $39,000. True Wealth Design LLC boosted its position in shares of Devon Energy by 3,889.3% during the third 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 period. Hazlett Burt & Watson Inc. grew its holdings in shares of Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after buying an additional 290 shares in the last quarter. Finally, Activest Wealth Management raised 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 purchasing an additional 480 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 0.5 %

The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The firm’s 50 day simple moving average is $35.14 and its 200-day simple moving average is $39.70. The stock has a market capitalization of $23.02 billion, a price-to-earnings ratio of 6.51, a price-to-earnings-growth ratio of 1.21 and a beta of 2.00.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping 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 firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.65 earnings per share. Equities analysts expect that Devon Energy Co. will post 4.7 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.51%. Devon Energy’s dividend payout ratio is 16.33%.

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.