Devon Energy (NYSE:DVN) Trading 0.1% Higher – What’s Next?

Devon Energy Co. (NYSE:DVN)’s share price was up 0.1% on Thursday . The company traded as high as $38.45 and last traded at $38.45. Approximately 1,595,853 shares traded hands during trading, a decline of 85% from the average daily volume of 10,618,838 shares. The stock had previously closed at $38.43.

Analyst Ratings Changes

A number of research analysts have commented on DVN shares. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Wednesday. Piper Sandler decreased their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. TD Cowen reduced their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. UBS Group cut their target price on shares of 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 reduced their price target on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a research note on Monday. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.27.

Devon Energy Stock Up 0.4 %

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The company has a 50-day moving average of $35.50 and a two-hundred day moving average of $40.40. The company has a market capitalization of $25.35 billion, a PE ratio of 7.16, a P/E/G ratio of 1.14 and a beta of 2.00.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) 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 company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the company posted $1.65 EPS. The firm’s revenue was up 4.9% on a year-over-year basis. Sell-side analysts anticipate that Devon Energy Co. will post 4.72 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.28%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EnCap Energy Capital Fund XI L.P. bought a new position in shares of Devon Energy during the 3rd quarter valued at approximately $461,857,000. EnCap Partners GP LLC purchased a new position in shares of Devon Energy in the 3rd quarter worth $408,653,000. EnCap Energy Capital Fund X L.P. bought a new stake in shares of Devon Energy in the 3rd quarter worth about $230,928,000. International Assets Investment Management LLC raised its position in shares of 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 valued at $89,231,000 after buying an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 16.9% in the 3rd 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. 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.