Devon Energy (NYSE:DVN) Stock Price Up 1% – What’s Next?

Shares of Devon Energy Co. (NYSE:DVN) shot up 1% during mid-day trading on Friday . The stock traded as high as $33.86 and last traded at $33.73. 2,124,779 shares traded hands during trading, a decline of 64% from the average session volume of 5,873,662 shares. The stock had previously closed at $33.40.

Analyst Ratings Changes

DVN has been the topic of several research reports. Scotiabank decreased their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Piper Sandler decreased their price objective on Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Morgan Stanley lowered their price objective 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. Mizuho reduced their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Finally, BMO Capital Markets lowered their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Eleven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.81.

Devon Energy Stock Performance

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 company has a market cap of $22.29 billion, a P/E ratio of 6.30, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The company has a 50 day moving average price of $35.97 and a 200-day moving average price of $41.01.

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 analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the business posted $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders 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 dividend on an annualized basis and a yield of 2.59%. Devon Energy’s dividend payout ratio is currently 16.33%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. SkyOak Wealth LLC increased its holdings in Devon Energy by 4.1% in the 2nd quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock worth $298,000 after purchasing an additional 250 shares in the last quarter. Riversedge Advisors LLC boosted 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 period. Modus Advisors LLC grew its holdings 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 acquiring an additional 272 shares during the last quarter. Coldstream Capital Management Inc. grew its holdings in Devon Energy by 1.6% during the 2nd quarter. Coldstream Capital Management Inc. now owns 17,816 shares of the energy company’s stock worth $844,000 after acquiring an additional 279 shares during the last quarter. Finally, Lummis Asset Management LP increased its position in Devon Energy by 1.0% in the 2nd quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company’s stock valued at $1,425,000 after acquiring an additional 290 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.