Devon Energy (NYSE:DVN) Trading Up 0.3%

Shares of Devon Energy Co. (NYSE:DVN) were up 0.3% during trading on Thursday . The stock traded as high as $52.15 and last traded at $51.83. Approximately 1,028,874 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 7,987,243 shares. The stock had previously closed at $51.67.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Morgan Stanley upped their target price on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Citigroup raised their price target on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Scotiabank upped their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Finally, Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.94.

Devon Energy Stock Up 0.8 %

The firm’s 50-day moving average is $47.89 and its two-hundred day moving average is $45.90. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The stock has a market cap of $32.92 billion, a P/E ratio of 8.89 and a beta of 2.19.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.66 earnings per share. On average, equities research analysts anticipate that Devon Energy Co. will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.39%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of DVN. AlphaCrest Capital Management LLC bought a new stake in shares of Devon Energy during the 1st quarter valued at $364,000. Acadian Asset Management LLC bought a new stake in Devon Energy in the first quarter valued at about $188,000. Blair William & Co. IL lifted its stake in Devon Energy by 52.1% in the first quarter. Blair William & Co. IL now owns 99,120 shares of the energy company’s stock valued at $5,861,000 after buying an additional 33,936 shares during the period. Sei Investments Co. boosted its holdings in Devon Energy by 9.2% during the first quarter. Sei Investments Co. now owns 414,354 shares of the energy company’s stock worth $24,500,000 after buying an additional 34,870 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in Devon Energy during the first quarter worth about $26,000. 69.72% of the stock is owned by institutional investors.

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.