Devon Energy (NYSE:DVN) Trading Up 1.4%

Shares of Devon Energy Co. (NYSE:DVN) rose 1.4% on Friday . The stock traded as high as $52.44 and last traded at $52.17. Approximately 1,425,067 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 7,952,536 shares. The stock had previously closed at $51.43.

Wall Street Analysts Forecast Growth

DVN has been the subject of several recent research reports. Truist Financial decreased their price objective on Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a report on Friday, April 5th. Piper Sandler decreased their price objective on Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a report on Wednesday, January 24th. Morgan Stanley lifted their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday. JPMorgan Chase & Co. lifted their price objective on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Finally, Scotiabank lifted their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.89.

Devon Energy Price Performance

The firm has a market capitalization of $32.96 billion, a P/E ratio of 8.95 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The stock’s fifty day simple moving average is $47.69 and its 200 day simple moving average is $45.86.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the firm earned $1.66 earnings per share. The company’s revenue was down 3.6% on a year-over-year basis. On average, equities research analysts predict that Devon Energy Co. will post 5.14 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.39%. Devon Energy’s payout ratio is 15.09%.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently modified their holdings of the business. Geode Capital Management LLC grew its stake in shares of Devon Energy by 6.2% during the first quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after acquiring an additional 823,626 shares during the last quarter. Morgan Stanley boosted its position in Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after buying an additional 2,220,194 shares during the last quarter. Victory Capital Management Inc. boosted its position in Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after buying an additional 68,339 shares during the last quarter. Raymond James & Associates boosted its position in Devon Energy by 5.0% in the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after buying an additional 402,055 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Devon Energy by 1.4% in the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock valued at $435,881,000 after buying an additional 99,059 shares during the last quarter. Hedge funds and other 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.