Devon Energy (NYSE:DVN) Trading Up 0.2% After Analyst Upgrade

Devon Energy Co. (NYSE:DVN)’s stock price rose 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. Approximately 1,033,805 shares changed hands during trading, a decline of 87% from the average daily volume of 7,893,614 shares. The stock had previously closed at $52.13.

Other equities research analysts also recently issued research reports about the stock. Citigroup boosted their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Susquehanna boosted their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research report on Monday. Morgan Stanley boosted their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Finally, Mizuho lowered their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, January 11th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $58.33.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in DVN. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Devon Energy in the third quarter valued at approximately $27,000. Manchester Capital Management LLC bought a new position in shares of Devon Energy in the fourth quarter valued at approximately $28,000. Tradewinds Capital Management LLC bought a new position in shares of Devon Energy in the first quarter valued at approximately $30,000. Sound Income Strategies LLC boosted its holdings 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 valued at $31,000 after acquiring an additional 255 shares in the last quarter. Finally, Rise Advisors LLC boosted its holdings 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 valued at $33,000 after acquiring an additional 669 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Up 0.8 %

The firm’s fifty day moving average price is $48.30 and its 200-day moving average price is $46.05. 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 firm has a market capitalization of $33.38 billion, a P/E ratio of 9.02 and a beta of 2.19.

Devon Energy (NYSE:DVN) last released its 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 net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the business earned $1.66 earnings per share. The business’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, equities research analysts forecast that Devon Energy Co. will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio 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.