Devon Energy (NYSE:DVN) Trading Up 1.9% After Analyst Upgrade

Shares of Devon Energy Co. (NYSE:DVN) were up 1.9% during mid-day trading on Thursday after Raymond James raised their price target on the stock from $53.00 to $54.00. Raymond James currently has an outperform rating on the stock. Devon Energy traded as high as $37.22 and last traded at $37.14. 1,129,050 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 10,326,828 shares. The stock had previously closed at $36.46.

A number of other analysts have also issued reports on the company. Evercore ISI dropped their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Mizuho dropped their price objective on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Susquehanna reduced their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research note on Friday, January 3rd. Finally, 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. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $49.41.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Lewis Asset Management LLC increased its position in shares of Devon Energy by 12.9% during the 4th quarter. Lewis Asset Management LLC now owns 15,050 shares of the energy company’s stock valued at $493,000 after purchasing an additional 1,723 shares during the period. OLD National Bancorp IN grew its holdings in Devon Energy by 37.2% during the fourth quarter. OLD National Bancorp IN now owns 12,743 shares of the energy company’s stock worth $417,000 after acquiring an additional 3,455 shares during the period. Murphy Pohlad Asset Management LLC lifted its holdings in Devon Energy by 0.5% in the 4th quarter. Murphy Pohlad Asset Management LLC now owns 94,972 shares of the energy company’s stock valued at $3,108,000 after acquiring an additional 450 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Devon Energy during the 4th quarter valued at about $1,336,000. Finally, Strategic Blueprint LLC grew its stake in shares of Devon Energy by 85.7% in the 4th quarter. Strategic Blueprint LLC now owns 11,605 shares of the energy company’s stock worth $380,000 after purchasing an additional 5,357 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Up 0.0 %

The firm has a market capitalization of $23.96 billion, a price-to-earnings ratio of 6.77, a price-to-earnings-growth ratio of 1.22 and a beta of 2.00. 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’s 50 day moving average is $35.37 and its 200 day moving average is $40.05.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 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 the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.65 EPS. Equities analysts forecast that Devon Energy Co. will post 4.68 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.41%. Devon Energy’s dividend payout ratio is currently 16.33%.

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.