Devon Energy (NYSE:DVN) Stock Price Up 0.2% – Here’s What Happened

Devon Energy Co. (NYSE:DVN)’s share price traded up 0.2% during trading on Tuesday . The company traded as high as $31.17 and last traded at $31.03. 2,288,911 shares changed hands during trading, a decline of 71% from the average session volume of 7,773,322 shares. The stock had previously closed at $30.98.

Analysts Set New Price Targets

A number of research firms have issued reports on DVN. UBS Group reduced their target price on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Jefferies Financial Group initiated 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. Piper Sandler reduced their price target on Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. BMO Capital Markets lowered their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Finally, Raymond James reduced their target price on Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $50.05.

Devon Energy Trading Up 0.8 %

The firm has a fifty day moving average of $37.41 and a 200-day moving average of $41.87. 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 has a market capitalization of $20.52 billion, a price-to-earnings ratio of 5.80, a P/E/G ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate 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 return on equity of 24.73% and a net margin of 21.71%. The company’s revenue was up 4.9% on a year-over-year basis. During the same period last year, the business posted $1.65 EPS. As a group, equities analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.82%. Devon Energy’s payout ratio is currently 16.33%.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently added to or reduced their stakes in DVN. Capital Performance Advisors LLP purchased a new position in Devon Energy in the 3rd quarter valued at about $35,000. Future Financial Wealth Managment LLC purchased a new position in Devon Energy in the third quarter valued at about $39,000. True Wealth Design LLC grew its stake in 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 purchasing an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. increased its holdings in Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares during the last quarter. Finally, Activest Wealth Management raised its position in shares of Devon Energy by 60.4% in the 3rd 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 in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.