Devon Energy (NYSE:DVN) Shares Up 0.9% on Analyst Upgrade

Devon Energy Co. (NYSE:DVN) shares were up 0.9% during trading on Monday after Piper Sandler raised their price target on the stock from $56.00 to $57.00. Piper Sandler currently has an overweight rating on the stock. Devon Energy traded as high as $39.17 and last traded at $38.81. Approximately 1,093,714 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 7,403,701 shares. The stock had previously closed at $38.47.

DVN has been the topic of several other reports. Truist Financial lowered shares of Devon Energy from a “buy” rating to a “hold” rating and dropped their price target for the company from $49.00 to $43.00 in a research note on Thursday, November 7th. Raymond James dropped their target price on shares of Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Scotiabank reduced 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 research report on Thursday, October 10th. TD Cowen decreased 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 note on Tuesday, November 5th. Finally, Susquehanna cut their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $51.85.

Institutional Trading of Devon Energy

Several hedge funds have recently modified their holdings of the business. Annex Advisory Services LLC boosted its position in shares of Devon Energy by 0.8% during the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after purchasing an additional 223 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Devon Energy by 30.4% during the second quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after buying an additional 226 shares in the last quarter. Archer Investment Corp increased its holdings in Devon Energy by 2.8% in the second quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock valued at $405,000 after buying an additional 235 shares in the last quarter. Citizens Financial Group Inc. RI increased its holdings in Devon Energy by 2.6% in the first quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock valued at $476,000 after buying an additional 236 shares in the last quarter. Finally, Institute for Wealth Management LLC. lifted its position in shares of Devon Energy by 4.0% during the 2nd quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock valued at $296,000 after acquiring an additional 237 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

The firm has a market cap of $24.90 billion, a PE ratio of 7.03, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. The company has a 50 day moving average price of $39.99 and a 200 day moving average price of $44.15. 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 earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping 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 company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the business earned $1.65 earnings per share. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, sell-side analysts expect that Devon Energy Co. will post 4.84 EPS for the current 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 issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

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.