Devon Energy (NYSE:DVN) Stock Price Up 1.3% – Time to Buy?

Devon Energy Co. (NYSE:DVN) shares shot up 1.3% during mid-day trading on Thursday . The company traded as high as $35.20 and last traded at $35.15. 10,934,483 shares traded hands during mid-day trading, an increase of 3% from the average session volume of 10,595,410 shares. The stock had previously closed at $34.69.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on DVN. Scotiabank cut their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Morgan Stanley lowered their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Piper Sandler lowered their price objective on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Jefferies Financial Group initiated coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective on the stock. Finally, Mizuho lowered their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Eleven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $49.48.

Devon Energy Price Performance

The company’s fifty day moving average is $35.67 and its 200 day moving average is $40.73. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The stock has a market cap of $23.71 billion, a PE ratio of 6.70, a price-to-earnings-growth ratio of 1.07 and a beta of 1.99.

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

Devon Energy Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.44%. Devon Energy’s dividend payout ratio is currently 16.33%.

Institutional Trading of Devon Energy

Hedge funds have recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy during the third quarter worth approximately $35,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Devon Energy during the third quarter worth approximately $39,000. True Wealth Design LLC grew its position in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after buying an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. grew its position in shares of 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 buying an additional 290 shares in the last quarter. Finally, Activest Wealth Management grew its position in shares of Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after buying an additional 480 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.