Devon Energy (NYSE:DVN) Shares Up 3.4% – Here’s What Happened

Devon Energy Co. (NYSE:DVN)’s share price shot up 3.4% on Thursday . The company traded as high as $33.93 and last traded at $33.84. 3,177,250 shares were traded during mid-day trading, a decline of 59% from the average session volume of 7,827,665 shares. The stock had previously closed at $32.73.

Wall Street Analyst Weigh In

Several equities research analysts have commented on DVN shares. Citigroup dropped their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. TD Cowen cut their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Scotiabank decreased their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, December 25th. Finally, Jefferies Financial Group initiated coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target for the company. Twelve equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $50.05.

Devon Energy Stock Up 2.2 %

The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $21.98 billion, a price-to-earnings ratio of 6.21, a P/E/G ratio of 1.10 and a beta of 1.99. The stock has a 50 day moving average of $36.20 and a 200 day moving average of $41.17.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates 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 previous year, the business earned $1.65 EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently bought and sold shares of the business. Independent Solutions Wealth Management LLC grew its position in shares of Devon Energy by 38.0% during the third quarter. Independent Solutions Wealth Management LLC now owns 13,781 shares of the energy company’s stock worth $539,000 after acquiring an additional 3,797 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Devon Energy by 1.0% during the 3rd quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company’s stock valued at $28,635,000 after purchasing an additional 7,487 shares during the period. IMS Capital Management raised its holdings in shares of Devon Energy by 49.3% during the third quarter. IMS Capital Management now owns 18,660 shares of the energy company’s stock valued at $730,000 after buying an additional 6,165 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Devon Energy by 90.1% during the third quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company’s stock worth $58,435,000 after buying an additional 646,045 shares during the period. Finally, Peapack Gladstone Financial Corp grew its holdings in Devon Energy by 13.1% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 137,427 shares of the energy company’s stock worth $5,377,000 after buying an additional 15,929 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

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.