Devon Energy (NYSE:DVN) Trading 1.9% Higher Following Analyst Upgrade

Devon Energy Co. (NYSE:DVN)’s share price traded up 1.9% during mid-day trading on Thursday after Raymond James raised their price target on the stock from $53.00 to $54.00. Raymond James currently has an outperform rating on the stock. Devon Energy traded as high as $37.22 and last traded at $37.14. 1,129,050 shares were traded during trading, a decline of 89% from the average session volume of 10,326,828 shares. The stock had previously closed at $36.46.

Other analysts have also recently issued research reports about the stock. Piper Sandler decreased their target price on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Barclays reduced their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. BMO Capital Markets lowered their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Wells Fargo & Company cut their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Finally, Evercore ISI lowered their price objective on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, September 30th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.41.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. William B. Walkup & Associates Inc. purchased a new position in Devon Energy in the second quarter valued at about $1,026,000. Bridgewater Associates LP bought a new stake in shares of Devon Energy in the 3rd quarter worth approximately $9,426,000. Legacy Investment Solutions LLC purchased a new position in Devon Energy in the third quarter valued at approximately $8,002,000. Petrus Trust Company LTA lifted its stake in Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after purchasing an additional 17,415 shares during the last quarter. Finally, CIBC Asset Management Inc grew its holdings in Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after purchasing an additional 6,358 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 1.3 %

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 stock has a 50-day simple moving average of $35.27 and a 200-day simple moving average of $39.95. The firm has a market capitalization of $23.64 billion, a PE ratio of 6.68, a P/E/G ratio of 1.21 and a beta of 2.00.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $3.72 billion. During the same period in the previous year, the business earned $1.65 EPS. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. Analysts forecast that Devon Energy Co. will post 4.7 EPS for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.45%. Devon Energy’s payout ratio is currently 16.33%.

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.