Devon Energy (NYSE:DVN) Shares Up 1.4% – What’s Next?

Devon Energy Co. (NYSE:DVN) shares rose 1.4% during trading on Friday . The stock traded as high as $31.59 and last traded at $31.55. Approximately 2,180,159 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 7,769,669 shares. The stock had previously closed at $31.11.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on DVN. Wells Fargo & Company dropped their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Mizuho lowered their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. 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. Benchmark restated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Finally, UBS Group reduced their target price 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. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $50.05.

Devon Energy Stock Up 0.3 %

The firm has a 50-day moving average price of $36.64 and a two-hundred day moving average price of $41.46. The company has a market capitalization of $20.50 billion, a price-to-earnings ratio of 5.79, a PEG ratio of 1.10 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

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, topping the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the business earned $1.65 EPS. As a group, sell-side analysts anticipate 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 will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.82%. Devon Energy’s payout ratio is currently 16.33%.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently modified their holdings of the stock. Independent Solutions Wealth Management LLC grew its stake in Devon Energy by 38.0% in the third quarter. Independent Solutions Wealth Management LLC now owns 13,781 shares of the energy company’s stock valued at $539,000 after purchasing an additional 3,797 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Devon Energy by 1.0% in the third quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company’s stock valued at $28,635,000 after buying an additional 7,487 shares in the last quarter. IMS Capital Management increased its holdings in Devon Energy by 49.3% during the third quarter. IMS Capital Management now owns 18,660 shares of the energy company’s stock worth $730,000 after buying an additional 6,165 shares during the last quarter. Franklin Resources Inc. increased its holdings in 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 last quarter. Finally, Peapack Gladstone Financial Corp lifted its stake in Devon Energy by 13.1% in the third quarter. Peapack Gladstone Financial Corp now owns 137,427 shares of the energy company’s stock valued at $5,377,000 after acquiring an additional 15,929 shares during 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.