Devon Energy (NYSE:DVN) Shares Up 0.3% – Here’s What Happened

Devon Energy Co. (NYSE:DVN)’s share price shot up 0.3% on Thursday . The stock traded as high as $39.63 and last traded at $39.23. 1,028,527 shares were traded during trading, a decline of 86% from the average session volume of 7,416,286 shares. The stock had previously closed at $39.11.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on DVN shares. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research note on Tuesday, September 3rd. Sanford C. Bernstein reduced their target price on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Wells Fargo & Company dropped their target price on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. UBS Group reduced their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Finally, TD Cowen reduced their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of “Hold” and an average target price of $51.80.

Devon Energy Stock Up 0.2 %

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 firm’s fifty day simple moving average is $40.20 and its 200 day simple moving average is $44.55. The stock has a market capitalization of $25.73 billion, a price-to-earnings ratio of 7.28, a P/E/G ratio of 1.19 and a beta of 2.03.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the firm posted $1.65 EPS. The firm’s revenue was up 4.9% compared to the same quarter last year. On average, sell-side analysts forecast that Devon Energy Co. will post 4.86 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in DVN. Sei Investments Co. lifted its position in Devon Energy by 3.6% during the 1st quarter. Sei Investments Co. now owns 228,499 shares of the energy company’s stock worth $11,462,000 after buying an additional 7,931 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Devon Energy by 28.3% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 22,975 shares of the energy company’s stock worth $1,153,000 after purchasing an additional 5,074 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in shares of Devon Energy by 5.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 796,732 shares of the energy company’s stock valued at $40,323,000 after buying an additional 43,263 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Devon Energy by 36.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 893,015 shares of the energy company’s stock worth $44,811,000 after buying an additional 238,858 shares during the last quarter. Finally, Kingsview Wealth Management LLC raised its position in Devon Energy by 55.4% during the first quarter. Kingsview Wealth Management LLC now owns 39,149 shares of the energy company’s stock worth $1,965,000 after acquiring an additional 13,961 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.