Devon Energy (NYSE:DVN) Shares Up 1.2%

Devon Energy Co. (NYSE:DVN)’s stock price shot up 1.2% on Wednesday . The stock traded as high as $52.38 and last traded at $52.22. 2,035,690 shares were traded during trading, a decline of 75% from the average session volume of 8,031,718 shares. The stock had previously closed at $51.62.

Analysts Set New Price Targets

Several research firms recently weighed in on DVN. Piper Sandler reduced their target price on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a report on Wednesday, January 24th. Raymond James reduced their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Morgan Stanley boosted their price objective on shares of Devon Energy from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. UBS Group cut their price objective on shares of Devon Energy from $52.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, December 14th. Finally, Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $46.00 to $59.00 in a report on Monday. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.88.

Devon Energy Trading Down 0.4 %

The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The stock has a market cap of $33.36 billion, a P/E ratio of 9.01 and a beta of 2.19. The firm’s 50-day simple moving average is $45.46 and its 200 day simple moving average is $45.50.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the prior year, the firm earned $1.66 EPS. Devon Energy’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, equities research analysts anticipate that Devon Energy Co. will post 4.74 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.35%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio is presently 15.09%.

Institutional Investors Weigh In On Devon Energy

Hedge funds have recently made changes to their positions in the company. Coppell Advisory Solutions LLC acquired a new position in shares of Devon Energy during the 2nd quarter worth $25,000. Canada Pension Plan Investment Board acquired a new stake in shares of Devon Energy during the 1st quarter worth about $26,000. KB Financial Partners LLC acquired a new stake in shares of Devon Energy during the 1st quarter worth about $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Devon Energy during the 3rd quarter worth about $27,000. Finally, Manchester Capital Management LLC acquired a new stake in Devon Energy in the 4th quarter valued at about $28,000. 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.