Devon Energy (NYSE:DVN) Trading 1.7% Higher – What’s Next?

Shares of Devon Energy Co. (NYSE:DVN) rose 1.7% on Monday . The stock traded as high as $34.87 and last traded at $34.52. Approximately 3,964,818 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 7,300,667 shares. The stock had previously closed at $33.93.

Wall Street Analyst Weigh In

DVN has been the subject of several research analyst reports. Citigroup decreased their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Scotiabank decreased their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Jefferies Financial Group started coverage on Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target for the company. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Friday. Finally, JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a report on Thursday, December 5th. Eleven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $49.81.

Devon Energy Trading Down 0.3 %

The firm has a market cap of $22.22 billion, a PE ratio of 6.28, a PEG ratio of 1.10 and a beta of 2.00. The business has a 50-day moving average price of $35.97 and a two-hundred day moving average price of $40.97. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results 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 return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last 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. Analysts forecast that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date was Friday, December 13th. Devon Energy’s payout ratio is currently 16.33%.

Institutional Trading of Devon Energy

A number of large investors have recently made changes to their positions in DVN. EnCap Energy Capital Fund XI L.P. acquired a new stake in shares of Devon Energy during the third quarter valued at $461,857,000. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy during the third quarter valued at $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new stake in shares of Devon Energy during the third quarter valued at $230,928,000. International Assets Investment Management LLC boosted its stake in shares of Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after acquiring an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its stake in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares during the last quarter. Institutional investors and hedge funds 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.