Devon Energy (NYSE:DVN) Shares Up 3% – Time to Buy?

Devon Energy Co. (NYSE:DVN) traded up 3% during mid-day trading on Monday . The stock traded as high as $37.52 and last traded at $37.08. 4,292,497 shares were traded during mid-day trading, a decline of 58% from the average session volume of 10,158,681 shares. The stock had previously closed at $35.99.

Analysts Set New Price Targets

DVN has been the subject of several analyst reports. Barclays lowered their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a report on Friday, January 10th. BMO Capital Markets cut their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Raymond James dropped their price target on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Finally, Scotiabank lowered their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $49.27.

Devon Energy Price Performance

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The stock has a market capitalization of $25.26 billion, a price-to-earnings ratio of 7.13, 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 200-day simple moving average is $40.42.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping 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 return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.65 earnings per share. Research analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.29%. Devon Energy’s dividend payout ratio is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

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