Devon Energy (NYSE:DVN) Trading Up 0.3% – Still a Buy?

Devon Energy Co. (NYSE:DVN) rose 0.3% during trading on Thursday . The company traded as high as $39.63 and last traded at $39.23. Approximately 1,028,527 shares traded hands during trading, a decline of 86% from the average daily volume of 7,416,286 shares. The stock had previously closed at $39.11.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on DVN shares. Scotiabank dropped 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. TD Cowen lowered their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Truist Financial lowered shares of Devon Energy from a “buy” rating to a “hold” rating and reduced their price objective for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. StockNews.com downgraded shares of Devon Energy from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company decreased their price target on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $51.80.

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 capitalization of $25.26 billion, a price-to-earnings ratio of 7.14, a PEG ratio of 1.22 and a beta of 2.03. The stock’s 50 day simple moving average is $40.09 and its 200-day simple moving average is $44.41.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during 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%. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.65 EPS. On average, analysts expect that Devon Energy Co. will post 4.84 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.29%. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EnCap Energy Capital Fund XI L.P. acquired a new position in Devon Energy in the 3rd quarter valued at $461,857,000. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy in the third quarter valued at about $408,653,000. EnCap Energy Capital Fund X L.P. bought a new position in shares of Devon Energy in the third quarter worth about $230,928,000. Vanguard Group Inc. increased its stake in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after purchasing an additional 2,559,039 shares during the period. Finally, International Assets Investment Management LLC boosted its stake in 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 valued at $89,231,000 after purchasing an additional 2,226,983 shares during the period. 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.