Devon Energy (NYSE:DVN) Trading 3.1% Higher – Still a Buy?

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

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Piper Sandler reduced their price target on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Susquehanna reduced their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Citigroup lowered their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. UBS Group reduced their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Finally, Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. Eleven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.81.

Devon Energy Trading Up 1.3 %

The firm has a market capitalization of $23.09 billion, a P/E ratio of 6.52, a PEG ratio of 1.10 and a beta of 2.00. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The business’s 50 day moving average is $35.74 and its two-hundred day moving average is $40.77.

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

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given 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 2.50%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Trading of Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Capital Performance Advisors LLP acquired a new position in shares of Devon Energy in the 3rd quarter worth $35,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Devon Energy in the 3rd quarter valued at approximately $39,000. True Wealth Design LLC boosted its stake in Devon Energy by 3,889.3% in the 3rd 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 during the period. Hazlett Burt & Watson Inc. grew its position 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 raised its stake in Devon Energy by 60.4% during 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 currently 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.