Devon Energy (NYSE:DVN) Stock Price Up 0.8% – What’s Next?

Devon Energy Co. (NYSE:DVN)’s stock price shot up 0.8% during mid-day trading on Wednesday . The company traded as high as $31.28 and last traded at $31.24. 5,806,566 shares changed hands during trading, a decline of 25% from the average session volume of 7,789,264 shares. The stock had previously closed at $30.98.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on DVN shares. Mizuho lowered their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Susquehanna dropped their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Barclays reduced their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. BMO Capital Markets dropped their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Finally, Truist Financial lowered shares of Devon Energy from a “buy” rating to a “hold” rating and cut their target price for the company from $49.00 to $43.00 in a research note on Thursday, November 7th. Twelve analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $50.05.

Devon Energy Trading Down 0.4 %

The stock has a market cap of $20.44 billion, a P/E ratio of 5.77, a P/E/G ratio of 1.10 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The firm’s 50 day moving average price is $36.83 and its 200-day moving average price is $41.61.

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

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.83%. Devon Energy’s payout ratio is 16.33%.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. William B. Walkup & Associates Inc. bought a new position in Devon Energy during the second quarter valued at approximately $1,026,000. Legacy Investment Solutions LLC purchased a new stake in Devon Energy during the 3rd quarter valued at $8,002,000. Bridgewater Associates LP bought a new position in shares of Devon Energy during the 3rd quarter valued at $9,426,000. Petrus Trust Company LTA boosted its stake in shares of Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after buying an additional 17,415 shares during the last quarter. Finally, CIBC Asset Management Inc grew its holdings in shares of Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after acquiring an additional 6,358 shares during the period. Institutional investors 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.