Devon Energy (NYSE:DVN) Trading Up 1.4% After Analyst Upgrade

Devon Energy Co. (NYSE:DVN)’s share price traded up 1.4% during trading on Friday after Piper Sandler raised their price target on the stock from $59.00 to $60.00. Piper Sandler currently has an overweight rating on the stock. Devon Energy traded as high as $52.44 and last traded at $52.17. 1,425,067 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 7,952,536 shares. The stock had previously closed at $51.43.

DVN has been the subject of several other research reports. Stifel Nicolaus cut their price target on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Scotiabank upped their price target on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $46.00 to $59.00 in a report on Monday, April 1st. Morgan Stanley upped their price target on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Finally, Citigroup increased their target price on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. 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, the stock has an average rating of “Moderate Buy” and a consensus target price of $57.94.

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Canada Pension Plan Investment Board acquired a new stake in Devon Energy during the 1st quarter valued at $26,000. Fortis Capital Advisors LLC acquired a new stake in Devon Energy during the 4th quarter valued at $31,000. KB Financial Partners LLC acquired a new stake in Devon Energy during the 1st quarter valued at $26,000. Coppell Advisory Solutions LLC acquired a new stake in Devon Energy during the 2nd quarter valued at $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Devon Energy in the 3rd quarter valued at $27,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

The stock has a market capitalization of $32.91 billion, a P/E ratio of 8.89 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The stock has a 50-day simple moving average of $47.89 and a 200 day simple moving average of $45.90.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the company earned $1.66 EPS. On average, equities analysts forecast that Devon Energy Co. will post 5.14 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.40%. Devon Energy’s payout ratio is 15.09%.

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.