Devon Energy (NYSE:DVN) Stock Price Up 1.2% – Should You Buy?

Shares of Devon Energy Co. (NYSE:DVN) shot up 1.2% during mid-day trading on Wednesday . The company traded as high as $35.19 and last traded at $35.11. 2,157,992 shares were traded during trading, a decline of 76% from the average session volume of 8,857,343 shares. The stock had previously closed at $34.69.

Analysts Set New Price Targets

Several brokerages have commented on DVN. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Evercore ISI dropped their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Morgan Stanley reduced their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research report on Thursday, December 5th. Finally, Raymond James cut their target price on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Eleven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.81.

Devon Energy Stock Performance

The company’s fifty day simple moving average is $35.80 and its two-hundred day simple moving average is $40.81. The company has a market capitalization of $22.99 billion, a price-to-earnings ratio of 6.49, a price-to-earnings-growth ratio of 1.10 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last posted its quarterly 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 business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the firm earned $1.65 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities research analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.51%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently added to or reduced their stakes in DVN. EnCap Energy Capital Fund XI L.P. acquired a new position in Devon Energy in the third quarter valued at approximately $461,857,000. EnCap Partners GP LLC bought a new stake in shares of Devon Energy in the 3rd quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in Devon Energy during the 3rd quarter valued at approximately $230,928,000. International Assets Investment Management LLC grew its stake in Devon Energy by 4,125.7% during the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after buying an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. increased its position in Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after buying an additional 1,677,652 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.