Devon Energy (NYSE:DVN) Shares Break Above Two Hundred Day Moving Average After Analyst Downgrade

Devon Energy Corporation (NYSE:DVN)’s stock price crossed above its two hundred day moving average during trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $65.00 to $68.00. The stock has a two hundred day moving average of $46.16 and traded as high as $46.51. JPMorgan Chase & Co. currently has an overweight rating on the stock. Devon Energy shares last traded at $46.1890, with a volume of 9,940,691 shares trading hands.

Other equities analysts have also issued reports about the company. Weiss Ratings upgraded Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Citigroup lifted their price target on Devon Energy from $65.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, August 31st. Raymond James Financial boosted their price objective on Devon Energy from $64.00 to $67.00 and gave the stock a “strong-buy” rating in a report on Monday, September 14th. Seaport Research Partners started coverage on shares of Devon Energy in a research report on Thursday, September 3rd. They issued a “buy” rating and a $65.00 price objective on the stock. Finally, Truist Financial raised their target price on shares of Devon Energy from $61.00 to $62.00 and gave the company a “buy” rating in a research note on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $59.92.

Insider Transactions at Devon Energy

In other news, CEO Clay M. Gaspar acquired 3,913 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was purchased at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the acquisition, the chief executive officer owned 619,152 shares of the company’s stock, valued at $31,626,284.16. This trade represents a 0.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the transaction, the executive vice president owned 72,720 shares of the company’s stock, valued at $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 4.58% of the company’s stock.

Hedge Funds Weigh In On Devon Energy

Large investors have recently modified their holdings of the company. Meeder Advisory Services Inc. lifted its holdings in shares of Devon Energy by 37.5% in the 3rd quarter. Meeder Advisory Services Inc. now owns 18,388 shares of the energy company’s stock worth $847,000 after acquiring an additional 5,016 shares during the last quarter. First Trust Advisors LP raised its position in Devon Energy by 37.1% in the 3rd quarter. First Trust Advisors LP now owns 2,369,415 shares of the energy company’s stock worth $109,088,000 after purchasing an additional 641,389 shares during the period. BNP Paribas lifted its stake in Devon Energy by 375.0% in the third quarter. BNP Paribas now owns 760 shares of the energy company’s stock worth $35,000 after purchasing an additional 600 shares during the last quarter. Hexagon Capital Partners LLC lifted its stake in Devon Energy by 16.1% in the third quarter. Hexagon Capital Partners LLC now owns 7,296 shares of the energy company’s stock worth $336,000 after purchasing an additional 1,012 shares during the last quarter. Finally, Allianz SE purchased a new stake in Devon Energy during the third quarter valued at about $4,358,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Up 2.8%

The firm’s 50-day simple moving average is $48.30 and its 200-day simple moving average is $46.16. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $52.64 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 1.01 and a beta of 0.43.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Thursday, November 5th. The energy company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.09. The firm had revenue of $6.86 billion for the quarter, compared to analysts’ expectations of $6.57 billion. Devon Energy had a return on equity of 14.86% and a net margin of 16.22%. The company’s revenue for the quarter was up 66.5% compared to the same quarter last year. During the same period last year, the firm earned $1.04 earnings per share. Equities analysts expect that Devon Energy Corporation will post 5.56 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 30th. Investors of record on Tuesday, December 15th will be issued a dividend of $0.32 per share. The ex-dividend date is Tuesday, December 15th. This represents a $1.28 annualized dividend and a yield of 2.8%. Devon Energy’s dividend payout ratio is currently 32.00%.

About Devon Energy

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company’s portfolio has evolved through acquisitions and asset sales over its history.