Devon Energy (NYSE:DVN) Shares Up 1.8% – Time to Buy?

Shares of Devon Energy Co. (NYSE:DVN) shot up 1.8% on Tuesday . The stock traded as high as $32.62 and last traded at $32.55. 2,946,823 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 7,795,940 shares. The stock had previously closed at $31.97.

Analyst Ratings Changes

Several research firms have weighed in on DVN. Piper Sandler dropped their price target on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Barclays lowered their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Jefferies Financial Group initiated coverage on Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price for the company. Raymond James lowered their target price on Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Finally, Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and lowered their target price for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Hold” and a consensus target price of $50.05.

Devon Energy Stock Performance

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 business has a 50 day simple moving average of $36.20 and a two-hundred day simple moving average of $41.17. The firm has a market cap of $21.50 billion, a PE ratio of 6.07, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping 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 business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the firm posted $1.65 earnings per share. The business’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 fiscal year.

Devon Energy Announces Dividend

The company 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 of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.69%. Devon Energy’s dividend payout ratio is currently 16.33%.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently made changes to their positions in DVN. Ritholtz Wealth Management purchased a new position in shares of Devon Energy during the second quarter valued at $489,000. Natixis Advisors LLC boosted its position in Devon Energy by 46.1% during the second quarter. Natixis Advisors LLC now owns 334,882 shares of the energy company’s stock valued at $15,873,000 after purchasing an additional 105,644 shares in the last quarter. CIBC Asset Management Inc boosted its position in Devon Energy by 11.0% during the second quarter. CIBC Asset Management Inc now owns 100,824 shares of the energy company’s stock valued at $4,779,000 after purchasing an additional 9,954 shares in the last quarter. Archer Investment Corp boosted its position in Devon Energy by 2.8% during the second quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock valued at $405,000 after purchasing an additional 235 shares in the last quarter. Finally, First National Trust Co boosted its position in Devon Energy by 20.9% during the second quarter. First National Trust Co now owns 8,615 shares of the energy company’s stock valued at $408,000 after purchasing an additional 1,488 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.