Devon Energy (NYSE:DVN) Trading 0.2% Higher After Analyst Upgrade

Shares of Devon Energy Co. (NYSE:DVN) traded up 0.2% during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $66.00 to $69.00. Truist Financial currently has a buy rating on the stock. Devon Energy traded as high as $52.26 and last traded at $52.21. 1,033,805 shares changed hands during trading, a decline of 87% from the average session volume of 7,893,614 shares. The stock had previously closed at $52.13.

A number of other equities research analysts have also recently issued reports on DVN. Susquehanna upped their price target on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday. Stifel Nicolaus reduced their target price on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Piper Sandler increased their target price on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday. Scotiabank increased their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Finally, Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $58.28.

Institutional Trading of Devon Energy

Hedge funds have recently modified their holdings of the company. Lord Abbett & CO. LLC increased its holdings in shares of Devon Energy by 15.5% during the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock worth $26,221,000 after buying an additional 73,570 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Devon Energy by 2.7% in the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after purchasing an additional 9,823 shares in the last quarter. Atria Investments Inc increased its holdings in shares of Devon Energy by 64.4% in the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock valued at $2,606,000 after purchasing an additional 21,400 shares in the last quarter. Pearl River Capital LLC increased its holdings in shares of Devon Energy by 367.7% in the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after purchasing an additional 58,997 shares in the last quarter. Finally, Argent Trust Co increased its holdings in shares of Devon Energy by 22.1% in the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after purchasing an additional 15,715 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 0.1 %

The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The firm has a market cap of $33.14 billion, a price-to-earnings ratio of 8.96 and a beta of 2.19. The business’s fifty day moving average is $48.09 and its two-hundred day moving average is $45.98.

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

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio is presently 15.09%.

About Devon Energy

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.