Devon Energy (NYSE:DVN) Stock Price Up 1.3% – Time to Buy?

Devon Energy Co. (NYSE:DVN) shares rose 1.3% during mid-day trading on Thursday . The stock traded as high as $35.20 and last traded at $35.15. Approximately 10,934,483 shares traded hands during trading, an increase of 3% from the average daily volume of 10,595,410 shares. The stock had previously closed at $34.69.

Analyst Ratings Changes

DVN has been the topic of several recent analyst reports. Barclays decreased their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Evercore ISI reduced their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. TD Cowen reduced their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. 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 report on Tuesday, December 17th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a research report on Friday. Eleven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.48.

Devon Energy Stock Performance

The firm’s fifty day moving average price is $35.67 and its 200-day moving average price is $40.73. 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 has a market cap of $23.71 billion, a price-to-earnings ratio of 6.70, a PEG ratio of 1.07 and a beta of 1.99.

Devon Energy (NYSE:DVN) last issued 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 during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the business posted $1.65 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. Analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.44%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Trading of Devon Energy

Several institutional investors and hedge funds have recently bought and sold shares of the business. SkyOak Wealth LLC raised its position in Devon Energy by 4.1% during the 2nd quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock worth $298,000 after buying an additional 250 shares during the last quarter. Riversedge Advisors LLC raised its position in Devon Energy by 3.6% during the 3rd quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock worth $287,000 after buying an additional 253 shares during the last quarter. Modus Advisors LLC raised its position in Devon Energy by 2.4% during the 3rd quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock worth $447,000 after buying an additional 272 shares during the last quarter. Lummis Asset Management LP raised its position in Devon Energy by 1.0% during the 2nd quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company’s stock worth $1,425,000 after buying an additional 290 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. raised its position in 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 buying an additional 290 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.