Devon Energy (NYSE:DVN) Stock Price Up 3.4% – Should You Buy?

Shares of Devon Energy Co. (NYSE:DVN) shot up 3.4% on Thursday . The stock traded as high as $33.93 and last traded at $33.84. 3,177,250 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 7,827,665 shares. The stock had previously closed at $32.73.

Analyst Ratings Changes

Several equities analysts have commented on the stock. BMO Capital Markets lowered their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, December 25th. Benchmark reissued a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Wells Fargo & Company lowered their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Finally, Jefferies Financial Group assumed coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price for the company. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $50.05.

Devon Energy Stock Up 2.2 %

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The company has a market cap of $21.98 billion, a price-to-earnings ratio of 6.21, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The business’s 50 day simple moving average is $36.20 and its 200-day simple moving average is $41.17.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company posted $1.65 earnings per share. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. Sell-side analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.63%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Investors Weigh In On Devon Energy

Institutional investors and hedge funds have recently modified their holdings of the business. Capital Performance Advisors LLP bought a new position in Devon Energy during the third quarter valued at about $35,000. Future Financial Wealth Managment LLC bought a new position in shares of Devon Energy in the 3rd quarter valued at approximately $39,000. True Wealth Design LLC lifted its holdings in Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. boosted its position in Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares during the period. Finally, Activest Wealth Management grew its holdings in Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares during the last quarter. Institutional investors and hedge funds 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.