Shares of Devon Energy Corp (NYSE:DVN) gapped up before the market opened on Monday . The stock had previously closed at $33.97, but opened at $33.48. Devon Energy shares last traded at $33.21, with a volume of 268860 shares trading hands.
DVN has been the topic of several recent analyst reports. Johnson Rice downgraded Devon Energy from a “buy” rating to an “accumulate” rating in a research note on Tuesday, January 8th. MKM Partners raised their price target on Devon Energy from $33.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, February 21st. Credit Suisse Group set a $36.00 price target on Devon Energy and gave the stock a “buy” rating in a research note on Wednesday, February 20th. Zacks Investment Research upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a research note on Monday, April 1st. Finally, TheStreet upgraded Devon Energy from a “d+” rating to a “c+” rating in a research note on Tuesday, February 19th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twelve have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $45.30.
The stock has a market cap of $14.67 billion, a price-to-earnings ratio of 25.29, a price-to-earnings-growth ratio of 1.47 and a beta of 2.26. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.99 and a quick ratio of 1.99.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, June 13th. This is an increase from Devon Energy’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a yield of 1.11%. Devon Energy’s payout ratio is 24.81%.
In other Devon Energy news, Director Robert H. Henry purchased 11,651 shares of the firm’s stock in a transaction on Wednesday, February 27th. The shares were acquired at an average cost of $30.01 per share, with a total value of $349,646.51. Following the completion of the acquisition, the director now directly owns 21,355 shares in the company, valued at $640,863.55. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.55% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Devon Energy by 181.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,437 shares of the energy company’s stock worth $813,000 after purchasing an additional 13,171 shares during the last quarter. LPL Financial LLC increased its holdings in shares of Devon Energy by 13.0% in the third quarter. LPL Financial LLC now owns 56,986 shares of the energy company’s stock worth $2,276,000 after purchasing an additional 6,546 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Devon Energy by 42.0% in the third quarter. Pacer Advisors Inc. now owns 33,376 shares of the energy company’s stock worth $1,333,000 after purchasing an additional 9,877 shares during the last quarter. Man Group plc increased its holdings in shares of Devon Energy by 524.2% in the third quarter. Man Group plc now owns 273,491 shares of the energy company’s stock worth $10,924,000 after purchasing an additional 229,676 shares during the last quarter. Finally, Verition Fund Management LLC bought a new stake in shares of Devon Energy in the third quarter worth about $777,000. 87.04% of the stock is currently owned by institutional investors and hedge funds.
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About Devon Energy (NYSE:DVN)
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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