Devon Energy (NYSE:DVN) Shares Up 3% – Still a Buy?

Devon Energy Co. (NYSE:DVN)’s stock price shot up 3% on Monday . The stock traded as high as $34.12 and last traded at $34.14. 1,496,170 shares were traded during trading, a decline of 84% from the average session volume of 9,076,991 shares. The stock had previously closed at $33.15.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on DVN. TD Cowen lowered their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Wells Fargo & Company decreased their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Citigroup dropped their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Benchmark raised Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a report on Tuesday, January 14th. Finally, Raymond James increased their price target on Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.45.

Devon Energy Price Performance

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’s 50 day simple moving average is $34.36 and its two-hundred day simple moving average is $38.79. The firm has a market capitalization of $22.30 billion, a PE ratio of 6.30, a price-to-earnings-growth ratio of 1.04 and a beta of 1.98.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Devon Energy by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after purchasing an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC lifted its position in Devon Energy by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after buying an additional 1,038,305 shares during the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy in the 3rd quarter valued at approximately $461,857,000. Pacer Advisors Inc. lifted its stake in Devon Energy by 16.9% during the third 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 in the last quarter. Finally, EnCap Partners GP LLC purchased a new position in shares of Devon Energy during the third quarter worth $408,653,000. Institutional investors and hedge funds 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.