Devon Energy (NYSE:DVN) Shares Up 2.2% – Here’s Why

Devon Energy Co. (NYSE:DVN) shares shot up 2.2% on Wednesday . The stock traded as high as $38.16 and last traded at $38.01. 3,745,907 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 10,292,592 shares. The stock had previously closed at $37.18.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research reports. Citigroup dropped their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Jefferies Financial Group initiated coverage on shares of Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective on the stock. Wells Fargo & Company reduced their target price on shares of 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 set a $50.00 price target on shares of Devon Energy in a research note on Friday, January 10th. Finally, Piper Sandler cut their price target on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.27.

Devon Energy Stock Down 1.2 %

The stock has a market capitalization of $24.95 billion, a P/E ratio of 7.05, a P/E/G ratio of 1.14 and a beta of 2.00. 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’s fifty day moving average is $35.50 and its 200-day moving average is $40.39.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations 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 company posted $1.65 earnings per share. As a group, equities research analysts predict that Devon Energy Co. will post 4.72 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm 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. This represents a $0.88 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in DVN. Geode Capital Management LLC grew its holdings in Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after acquiring an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Devon Energy during the third quarter worth approximately $461,857,000. Pacer Advisors Inc. grew its stake in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy in the third quarter valued at approximately $408,653,000. Finally, Victory Capital Management Inc. raised its position in Devon Energy by 3.8% in the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after purchasing an additional 361,968 shares during the last quarter. 69.72% of the stock is 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.