Devon Energy (NYSE:DVN) Stock Price Up 0.8% – Here’s What Happened

Shares of Devon Energy Co. (NYSE:DVN) shot up 0.8% during trading on Wednesday . The company traded as high as $31.28 and last traded at $31.24. 5,806,566 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 7,789,264 shares. The stock had previously closed at $30.98.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on DVN. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, September 3rd. Citigroup cut their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and lowered their target price for the company from $49.00 to $43.00 in a research note on Thursday, November 7th. Evercore ISI lowered their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. Finally, StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Wednesday. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Hold” and a consensus target price of $50.05.

Devon Energy Trading Up 0.8 %

The stock has a 50 day moving average of $37.21 and a 200-day moving average of $41.76. The company has a market capitalization of $20.52 billion, a P/E ratio of 5.80, a P/E/G ratio of 1.10 and a beta of 1.99. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the company posted $1.65 EPS. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, research analysts predict that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Archer Investment Corp boosted its position in shares of Devon Energy by 2.8% during the 2nd quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock valued at $405,000 after acquiring an additional 235 shares during the last quarter. SkyOak Wealth LLC boosted its position in shares of Devon Energy by 4.1% during the 2nd quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock valued at $298,000 after acquiring an additional 250 shares during the last quarter. Riversedge Advisors LLC boosted its position in shares of Devon Energy by 3.6% during the 3rd quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock valued at $287,000 after acquiring an additional 253 shares during the last quarter. Modus Advisors LLC boosted its position in shares of Devon Energy by 2.4% during the 3rd quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock valued at $447,000 after acquiring an additional 272 shares during the last quarter. Finally, Coldstream Capital Management Inc. boosted its position in shares of Devon Energy by 1.6% during the 2nd quarter. Coldstream Capital Management Inc. now owns 17,816 shares of the energy company’s stock valued at $844,000 after acquiring an additional 279 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

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.