Devon Energy (NYSE:DVN) Trading Up 1.4% – Here’s Why

Devon Energy Co. (NYSE:DVN) shares shot up 1.4% during mid-day trading on Friday . The stock traded as high as $31.59 and last traded at $31.55. 2,180,159 shares changed hands during trading, a decline of 72% from the average session volume of 7,769,669 shares. The stock had previously closed at $31.11.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of analyst reports. Wells Fargo & Company dropped their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, September 3rd. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Piper Sandler decreased their price objective on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Finally, Evercore ISI cut their target price on 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. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $50.05.

Devon Energy Trading Up 0.2 %

The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $20.47 billion, a price-to-earnings ratio of 5.78, a P/E/G ratio of 1.10 and a beta of 1.99. The firm’s 50-day moving average is $36.83 and its 200 day moving average is $41.61.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The company 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%. Devon Energy’s 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 earnings per share. On average, equities analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.82%. Devon Energy’s payout ratio is 16.33%.

Institutional Trading of Devon Energy

Several institutional investors have recently added to or reduced their stakes in DVN. William B. Walkup & Associates Inc. acquired a new position in shares of Devon Energy in the 2nd quarter worth approximately $1,026,000. Legacy Investment Solutions LLC acquired a new position in Devon Energy in the third quarter valued at $8,002,000. Bridgewater Associates LP bought a new stake in Devon Energy during the third quarter valued at $9,426,000. Petrus Trust Company LTA grew its holdings in Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after acquiring an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc raised its position in shares of Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after acquiring an additional 6,358 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

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.