Devon Energy (NYSE:DVN) Shares Up 0.9% on Analyst Upgrade

Devon Energy Co. (NYSE:DVN) shares traded up 0.9% during trading on Monday after Stifel Nicolaus raised their price target on the stock from $65.00 to $66.00. Stifel Nicolaus currently has a buy rating on the stock. Devon Energy traded as high as $52.36 and last traded at $52.31. 1,752,598 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 7,921,695 shares. The stock had previously closed at $51.83.

Several other equities analysts have also recently weighed in on DVN. Raymond James cut their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, January 24th. UBS Group upped their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Piper Sandler upped their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. JPMorgan Chase & Co. increased their target price on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Finally, Susquehanna raised their price objective on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.33.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Morgan Stanley grew its holdings in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after acquiring an additional 2,220,194 shares during the last quarter. Raymond James & Associates raised its position in shares of Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after acquiring an additional 736,449 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 0.8% during 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 acquiring an additional 68,339 shares during the period. Dimensional Fund Advisors LP raised its holdings in Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after purchasing an additional 1,488,374 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Devon Energy by 1.2% during the 3rd quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock valued at $323,145,000 after purchasing an additional 82,607 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Up 0.8 %

The firm’s 50 day moving average price is $48.30 and its 200-day moving average price is $46.05. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The company has a market cap of $33.38 billion, a P/E ratio of 9.02 and a beta of 2.19.

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

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.35%. The ex-dividend date was Thursday, March 14th. Devon Energy’s payout ratio is 15.09%.

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.