Devon Energy (NYSE:DVN) Trading 0.2% Higher After Analyst Upgrade

Devon Energy Co. (NYSE:DVN)’s share price traded up 0.2% during trading on Tuesday after Truist Financial raised their price target on the stock from $66.00 to $69.00. Truist Financial currently has a buy rating on the stock. Devon Energy traded as high as $52.26 and last traded at $52.21. 1,033,805 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 7,893,614 shares. The stock had previously closed at $52.13.

Several other equities research analysts have also commented on DVN. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a research report on Thursday, March 7th. Raymond James decreased their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Morgan Stanley increased their target price on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Susquehanna increased their target price on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research report on Monday. Finally, Citigroup increased their target price on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $58.28.

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently modified their holdings of DVN. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Devon Energy in the 3rd quarter worth $27,000. Manchester Capital Management LLC acquired a new stake in shares of Devon Energy in the 4th quarter worth $28,000. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy in the 1st quarter worth $30,000. Sound Income Strategies LLC increased its stake in shares of Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares during the last quarter. Finally, Rise Advisors LLC increased its stake in shares of Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after acquiring an additional 669 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Up 0.1 %

The firm has a market capitalization of $33.14 billion, a price-to-earnings ratio of 8.96 and a beta of 2.19. The business has a 50 day simple moving average of $48.09 and a 200-day simple moving average of $45.98. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

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

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s payout ratio is 15.09%.

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.