Devon Energy (NYSE:DVN) Stock Price Up 3.1% – Still a Buy?

Devon Energy Co. (NYSE:DVN)’s share price shot up 3.1% during mid-day trading on Tuesday . The stock traded as high as $34.91 and last traded at $34.79. 2,210,648 shares traded hands during trading, a decline of 73% from the average session volume of 8,304,262 shares. The stock had previously closed at $33.75.

Wall Street Analysts Forecast Growth

DVN has been the topic of several research reports. Morgan Stanley decreased their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a report on Thursday, December 5th. UBS Group reduced their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Scotiabank dropped 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. Finally, Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Friday. Eleven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $49.81.

Devon Energy Stock Performance

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The firm has a market cap of $22.85 billion, a P/E ratio of 6.45, a P/E/G ratio of 1.10 and a beta of 2.00. The company’s 50 day moving average is $35.87 and its 200 day moving average is $40.89.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company earned $1.65 EPS. As a group, equities analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.53%. Devon Energy’s dividend payout ratio is currently 16.33%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Capital Performance Advisors LLP purchased a new position in Devon Energy during the third quarter worth about $35,000. Future Financial Wealth Managment LLC bought a new position in shares of Devon Energy during the 3rd quarter worth $39,000. True Wealth Design LLC increased its stake in shares of Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. lifted its holdings in Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares in the last quarter. Finally, Activest Wealth Management boosted its holdings in Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares during the period. 69.72% of the stock is owned by institutional investors.

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.