Devon Energy (NYSE:DVN) Trading 1.4% Higher – Here’s Why

Devon Energy Co. (NYSE:DVN) shares rose 1.4% during trading on Friday . The stock traded as high as $30.96 and last traded at $30.95. Approximately 3,562,759 shares were traded during trading, a decline of 53% from the average daily volume of 7,655,170 shares. The stock had previously closed at $30.52.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on DVN. JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a report on Thursday, December 5th. Morgan Stanley decreased their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Wells Fargo & Company dropped their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Monday, December 16th. Finally, Scotiabank dropped 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. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Devon Energy has a consensus rating of “Hold” and a consensus price target of $50.05.

Devon Energy Trading Up 0.8 %

The firm’s fifty day simple moving average is $37.65 and its 200-day simple moving average is $42.04. 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 stock has a market cap of $20.21 billion, a P/E ratio of 5.71, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (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 analyst estimates of $3.72 billion. During the same quarter in the previous year, the business earned $1.65 earnings per share. Devon Energy’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities research analysts expect that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.86%. Devon Energy’s payout ratio is currently 16.33%.

Hedge Funds Weigh In On Devon Energy

Institutional investors and hedge funds have recently modified their holdings of the business. Capital Performance Advisors LLP acquired a new position in shares of Devon Energy during the 3rd quarter valued at $35,000. Future Financial Wealth Managment LLC bought a new stake in Devon Energy in the third quarter valued at $39,000. True Wealth Design LLC raised its holdings in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. boosted its position in shares of Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares in the last quarter. Finally, Activest Wealth Management grew its stake in shares of Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after buying an additional 480 shares during the period. 69.72% of the stock is currently owned by institutional investors.

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.