Devon Energy (NYSE:DVN) Trading Up 2.1% – Still a Buy?

Devon Energy Co. (NYSE:DVN) shares rose 2.1% on Monday . The stock traded as high as $31.87 and last traded at $31.87. Approximately 3,405,472 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 7,779,250 shares. The stock had previously closed at $31.20.

Analyst Upgrades and Downgrades

Several equities analysts have commented on DVN shares. TD Cowen lowered their price objective 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. Scotiabank lowered their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Truist Financial cut Devon Energy from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $49.00 to $43.00 in a research note on Thursday, November 7th. UBS Group lowered their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Finally, BMO Capital Markets cut their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $50.05.

Devon Energy Stock Performance

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 has a 50 day moving average of $36.64 and a 200-day moving average of $41.42. The company has a market cap of $21.09 billion, a P/E ratio of 5.96, a PEG ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.65 earnings per share. As a group, sell-side analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

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 given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Trading of Devon Energy

Hedge funds have recently bought and sold shares of the stock. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy in the 3rd quarter worth approximately $461,857,000. EnCap Partners GP LLC acquired a new stake in Devon Energy in the third quarter valued at approximately $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in Devon Energy in the third quarter worth $230,928,000. International Assets Investment Management LLC increased its position in shares of Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after purchasing an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 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.