Devon Energy (NYSE:DVN) Reaches New 12-Month High Following Analyst Upgrade

Devon Energy Corporation (NYSE:DVN) reached a new 52-week high during trading on Wednesday after Mizuho raised their price target on the stock from $51.00 to $62.00. Mizuho currently has an outperform rating on the stock. Devon Energy traded as high as $47.50 and last traded at $47.3810, with a volume of 18432694 shares trading hands. The stock had previously closed at $46.65.

Several other equities research analysts have also recently issued reports on DVN. Weiss Ratings raised shares of Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, January 28th. Sanford C. Bernstein reduced their target price on shares of Devon Energy from $48.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, January 5th. TD Cowen raised their price target on shares of Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a research note on Tuesday. Morgan Stanley lowered their price target on shares of Devon Energy from $48.00 to $46.00 and set an “overweight” rating on the stock in a research report on Friday, January 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, January 15th. Twenty-three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $49.37.

Key Stories Impacting Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Barclays has pushed a more bullish view on DVN (buy/strong price outlook), helping lift investor sentiment and underpin recent gains. Barclays Forecasts Strong Price Appreciation for Devon Energy (NYSE:DVN) Stock
• Positive Sentiment: Mizuho raised its price target sharply to $62 and assigned an “outperform” — implying nearly 29% upside vs. recent levels — which is a clear catalyst for further share gains. Mizuho PT Raise to $62
• Positive Sentiment: Devon hit a new 52?week high following analyst upgrades, signaling momentum and fresh buying interest from momentum and institutional traders. Devon Energy (NYSE:DVN) Sets New 52-Week High After Analyst Upgrade
• Positive Sentiment: Forbes notes a 5?day winning streak and roughly $2.3 billion market?cap gain over that span, highlighting strong short?term demand for DVN shares. Why Energy Bulls Are Flocking To Devon
• Positive Sentiment: Sector dynamics (oil prices above $80 amid Middle East tensions) are benefiting top E&P names including Devon, increasing cash?flow visibility and underpinning dividends/buybacks. 5 Oil and Gas Stocks That Benefit From Soaring Crude Prices
• Positive Sentiment: Commentary (The Motley Fool) highlights Devon’s low costs, strong free cash flow and a pending Coterra merger that could boost dividends and buybacks — a longer?term structural positive for shareholders. 1 Monster Energy Stock to Hold for the Next 20 Years
• Neutral Sentiment: TD Cowen raised its target to $50 but maintained a “hold” rating — a modest vote of confidence on valuation but not a bullish endorsement, which may cap some upside. TD Cowen Remains a Hold on Devon Energy (DVN)
• Neutral Sentiment: Increased retail/internet attention (Zacks, Yahoo) is driving volume and volatility; useful for momentum traders but not a fundamental catalyst by itself. Devon Energy Corporation (DVN) Is a Trending Stock

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently modified their holdings of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Devon Energy in the 4th quarter valued at about $25,000. PFS Partners LLC acquired a new position in Devon Energy in the third quarter valued at approximately $25,000. First Horizon Corp purchased a new position in Devon Energy in the third quarter worth approximately $26,000. Caldwell Trust Co acquired a new stake in Devon Energy during the second quarter worth $25,000. Finally, MV Capital Management Inc. purchased a new stake in Devon Energy in the fourth quarter valued at $29,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Up 1.5%

The company has a 50 day moving average price of $41.99 and a 200 day moving average price of $37.48. The firm has a market cap of $29.83 billion, a price-to-earnings ratio of 11.54, a price-to-earnings-growth ratio of 1.25 and a beta of 0.56. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The firm had revenue of $17.19 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same period last year, the company earned $1.10 EPS. The company’s quarterly revenue was down 6.4% on a year-over-year basis. On average, research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, March 13th. Devon Energy’s dividend payout ratio is currently 23.02%.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.