Devon Energy (NYSE:DVN) Shares Up 0.9% After Analyst Upgrade

Devon Energy Co. (NYSE:DVN) rose 0.9% on Monday after Truist Financial raised their price target on the stock from $66.00 to $69.00. Truist Financial currently has a buy rating on the stock. Devon Energy traded as high as $52.36 and last traded at $52.31. Approximately 1,752,598 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 7,921,695 shares. The stock had previously closed at $51.83.

A number of other brokerages also recently weighed in on DVN. Raymond James cut their price target on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. 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. UBS Group upped their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Scotiabank upped their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Finally, Susquehanna upped their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research note on Monday. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $58.28.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Devon Energy in the third quarter worth approximately $27,000. Manchester Capital Management LLC acquired a new position in Devon Energy in the fourth quarter worth approximately $28,000. Tradewinds Capital Management LLC acquired a new position in Devon Energy in the first quarter worth approximately $30,000. Sound Income Strategies LLC increased its holdings in 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 buying an additional 255 shares during the last quarter. Finally, Rise Advisors LLC increased its holdings in 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 buying an additional 669 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Up 0.6 %

The business has a fifty day moving average of $48.09 and a 200 day moving average of $45.98. The stock has a market cap of $33.10 billion, a price-to-earnings ratio of 8.94 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

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

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.38%. Devon Energy’s dividend payout ratio (DPR) is presently 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.