Devon Energy (NYSE:DVN) Shares Up 0.5% – Here’s What Happened

Shares of Devon Energy Co. (NYSE:DVN) were up 0.5% during mid-day trading on Tuesday . The company traded as high as $37.39 and last traded at $36.97. Approximately 2,512,075 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 10,265,698 shares. The stock had previously closed at $36.77.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on DVN shares. Jefferies Financial Group started coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective for the company. Piper Sandler lowered their price target on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Scotiabank dropped their price objective on shares of 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. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Friday, January 3rd. Finally, Raymond James dropped their target price on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average target price of $49.27.

Devon Energy Stock Down 0.0 %

The firm has a market capitalization of $25.24 billion, a PE ratio of 7.13, a PEG ratio of 1.14 and a beta of 2.00. The business’s fifty day moving average price is $35.50 and its 200 day moving average price is $40.40. The company has a quick ratio of 1.01, a current ratio of 1.11 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 EPS for the quarter, beating 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 firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the business earned $1.65 EPS. The firm’s revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts forecast that Devon Energy Co. will post 4.72 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.29%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Hedge Funds Weigh In On Devon Energy

Large investors have recently bought and sold shares of the company. Geode Capital Management LLC boosted its holdings in shares of Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after acquiring an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new stake in Devon Energy in the third quarter valued at about $461,857,000. Pacer Advisors Inc. boosted its holdings in Devon Energy by 16.9% in 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 in the last quarter. EnCap Partners GP LLC acquired a new position in Devon Energy during the 3rd quarter worth approximately $408,653,000. Finally, Victory Capital Management Inc. raised its stake in shares of Devon Energy by 3.8% during the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after buying an additional 361,968 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.