Devon Energy (NYSE:DVN) Trading Up 1.4%

Devon Energy Co. (NYSE:DVN)’s stock price was up 1.4% during trading on Friday . The stock traded as high as $52.44 and last traded at $52.17. Approximately 1,425,067 shares traded hands during trading, a decline of 82% from the average daily volume of 7,952,536 shares. The stock had previously closed at $51.43.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of research reports. Mizuho cut their price target on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, January 11th. Truist Financial cut their price target on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Barclays initiated coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target for the company. Scotiabank boosted their price target on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.89.

Devon Energy Stock Up 0.9 %

The stock’s fifty day moving average is $47.69 and its 200 day moving average is $45.86. 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 company has a market capitalization of $32.96 billion, a P/E ratio of 8.95 and a beta of 2.19.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the business posted $1.66 EPS. The firm’s revenue was down 3.6% compared to the same quarter last year. Research analysts predict that Devon Energy Co. will post 5.14 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.39%. Devon Energy’s dividend payout ratio is currently 15.09%.

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its holdings in Devon Energy by 1,279.7% in the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in Devon Energy by 96.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,608,577 shares of the energy company’s stock worth $344,984,000 after purchasing an additional 2,752,752 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new position in Devon Energy in the 3rd quarter worth $113,793,000. Morgan Stanley raised its holdings in Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after purchasing an additional 1,652,671 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

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.