Devon Energy (NYSE:DVN) Trading 2.2% Higher – Here’s What Happened

Shares of Devon Energy Co. (NYSE:DVN) were up 2.2% during mid-day trading on Wednesday . The company traded as high as $38.16 and last traded at $38.01. Approximately 3,745,907 shares were traded during trading, a decline of 64% from the average daily volume of 10,292,592 shares. The stock had previously closed at $37.18.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of recent research reports. Mizuho reduced their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Raymond James cut their target price on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Evercore ISI cut their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, September 30th. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research note on Wednesday. Finally, TD Cowen cut their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $49.27.

Devon Energy Price Performance

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The stock has a market cap of $25.34 billion, a price-to-earnings ratio of 7.16, a price-to-earnings-growth ratio of 1.07 and a beta of 2.00. The business’s 50-day simple moving average is $35.54 and its two-hundred day simple moving average is $40.42.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the business posted $1.65 earnings per share. Research analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.28%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently modified their holdings of the business. Capital Performance Advisors LLP acquired a new position in Devon Energy in the third quarter valued at $35,000. Future Financial Wealth Managment LLC acquired a new position in Devon Energy in the third quarter valued at $39,000. True Wealth Design LLC increased its stake in Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. increased its position in shares of Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after acquiring an additional 290 shares in the last quarter. Finally, Activest Wealth Management increased its position in shares of Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after acquiring an additional 480 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.