Devon Energy (NYSE:DVN) Trading Up 2.4% – Here’s Why

Devon Energy Co. (NYSE:DVN)’s share price shot up 2.4% on Wednesday . The stock traded as high as $32.78 and last traded at $32.73. 10,399,120 shares changed hands during trading, an increase of 33% from the average session volume of 7,827,665 shares. The stock had previously closed at $31.97.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. TD Cowen reduced their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Benchmark restated a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. UBS Group decreased their target price on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, December 25th. Finally, Piper Sandler decreased their price target on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $50.05.

Devon Energy Trading Up 2.4 %

The company’s 50-day moving average is $36.33 and its 200 day moving average is $41.23. 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 cap of $21.50 billion, a PE ratio of 6.07, a P/E/G ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating 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 firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the business earned $1.65 EPS. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, sell-side analysts predict that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The business also recently disclosed 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. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio is 16.33%.

Institutional Investors Weigh In On Devon Energy

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