Devon Energy (NYSE:DVN) Stock Price Up 2.4% – Still a Buy?

Devon Energy Co. (NYSE:DVN) shares were up 2.4% during trading on Wednesday . The company traded as high as $32.78 and last traded at $32.73. Approximately 10,399,120 shares were traded during mid-day trading, an increase of 33% from the average daily volume of 7,827,665 shares. The stock had previously closed at $31.97.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of recent research reports. Citigroup dropped their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Susquehanna cut their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Evercore ISI lowered their price target 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. Piper Sandler dropped their price target on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Finally, Jefferies Financial Group started coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective on the stock. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $50.05.

Devon Energy Stock Performance

The stock’s 50 day moving average is $36.07 and its two-hundred day moving average is $41.12. The stock has a market capitalization of $21.94 billion, a price-to-earnings ratio of 6.20, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data 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. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the firm earned $1.65 earnings per share. Devon Energy’s revenue for the quarter was up 4.9% compared to the same quarter last year. Analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently modified their holdings of DVN. Independent Solutions Wealth Management LLC increased its position in shares of 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 acquiring an additional 3,797 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Devon Energy by 1.0% during the 3rd quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company’s stock worth $28,635,000 after purchasing an additional 7,487 shares during the last quarter. IMS Capital Management raised its stake in shares of Devon Energy by 49.3% during the 3rd quarter. IMS Capital Management now owns 18,660 shares of the energy company’s stock worth $730,000 after purchasing an additional 6,165 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Devon Energy by 90.1% in the 3rd quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company’s stock valued at $58,435,000 after buying an additional 646,045 shares during the last quarter. Finally, Peapack Gladstone Financial Corp grew its stake in shares of 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 buying an additional 15,929 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.