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

Devon Energy Co. (NYSE:DVN)’s stock price traded up 0.2% during mid-day trading on Tuesday 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 $52.26 and last traded at $52.21. 1,033,805 shares traded 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 brokerages also recently weighed in on DVN. Scotiabank boosted their target price on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Morgan Stanley boosted their target price on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. JPMorgan Chase & Co. boosted their target price on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Finally, Susquehanna boosted their target price on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $58.33.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently modified their holdings of DVN. Salem Investment Counselors Inc. raised its holdings in Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after purchasing an additional 199 shares during the period. Avior Wealth Management LLC raised its holdings in Devon Energy by 4.9% in the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after purchasing an additional 207 shares during the period. MCF Advisors LLC raised its holdings in Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares during the period. Cornerstone Wealth Management LLC raised its holdings in Devon Energy by 1.9% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after purchasing an additional 218 shares during the period. Finally, Clearbridge Investments LLC raised its holdings in Devon Energy by 2.1% in the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after purchasing an additional 239 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Up 0.8 %

The company has a market cap of $33.38 billion, a price-to-earnings ratio of 9.02 and a beta of 2.19. 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 business has a fifty day moving average of $48.30 and a two-hundred day moving average of $46.05.

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

Devon Energy Cuts Dividend

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