Devon Energy (NYSE:DVN) Stock Price Up 0.2% Following Analyst Upgrade

Devon Energy Co. (NYSE:DVN)’s share price shot up 0.2% on Tuesday after Stifel Nicolaus raised their price target on the stock from $65.00 to $66.00. Stifel Nicolaus currently has a buy rating on the stock. Devon Energy traded as high as $52.26 and last traded at $52.21. 1,033,805 shares were traded during trading, a decline of 87% from the average session volume of 7,893,614 shares. The stock had previously closed at $52.13.

A number of other brokerages have also commented on DVN. Truist Financial increased their price target on shares of Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Monday. JPMorgan Chase & Co. increased their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Mizuho decreased their price target on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. Finally, Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $58.33.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently bought and sold shares of DVN. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Devon Energy in the third quarter worth approximately $27,000. Manchester Capital Management LLC bought a new stake in shares of Devon Energy in the fourth quarter worth approximately $28,000. Tradewinds Capital Management LLC bought a new stake in shares of Devon Energy in the first quarter worth approximately $30,000. Sound Income Strategies LLC grew its stake in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares during the period. Finally, Rise Advisors LLC grew its stake in shares of Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after acquiring an additional 669 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The stock has a market capitalization of $33.08 billion, a P/E ratio of 8.93 and a beta of 2.19. The business’s 50 day moving average price is $48.51 and its 200 day moving average price is $46.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the firm posted $1.66 earnings per share. The firm’s revenue was down 3.6% compared to the same quarter last year. Sell-side analysts forecast that Devon Energy Co. will post 5.2 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s payout ratio is currently 15.09%.

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.