Devon Energy (NYSE:DVN) Trading Up 1.8% – Still a Buy?

Devon Energy Co. (NYSE:DVN)’s stock price was up 1.8% during trading on Tuesday . The company traded as high as $32.62 and last traded at $32.55. Approximately 2,946,823 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 7,795,940 shares. The stock had previously closed at $31.97.

Analyst Ratings Changes

Several research firms have recently commented on DVN. UBS Group lowered their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Scotiabank cut their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, December 25th. Finally, TD Cowen reduced their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $50.05.

Devon Energy Stock Performance

The firm has a fifty day moving average of $36.48 and a 200-day moving average of $41.32. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm has a market cap of $21.41 billion, a P/E ratio of 6.05, a PEG ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the firm earned $1.65 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. Research analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Trading of Devon Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. EnCap Energy Capital Fund XI L.P. acquired a new stake in shares of Devon Energy during the 3rd quarter worth $461,857,000. EnCap Partners GP LLC bought a new position in Devon Energy in the 3rd quarter valued at about $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in shares of Devon Energy in the 3rd quarter valued at approximately $230,928,000. International Assets Investment Management LLC lifted its holdings in shares of Devon Energy by 4,125.7% during the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after acquiring an additional 2,226,983 shares during the period. Finally, Pacer Advisors Inc. increased its stake in Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.