Devon Energy (NYSE:DVN) Trading Down 0.6%

Devon Energy Co. (NYSE:DVN)’s stock price fell 0.6% during trading on Friday . The company traded as low as $52.11 and last traded at $52.28. 1,436,260 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 7,816,537 shares. The stock had previously closed at $52.61.

Wall Street Analyst Weigh In

A number of brokerages recently commented on DVN. Truist Financial lifted their target price on shares of Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. UBS Group lifted their target price on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Raymond James decreased their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Finally, Susquehanna lifted their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Price Performance

The business’s 50 day moving average price is $48.88 and its two-hundred day moving average price is $46.18. The stock has a market cap of $33.47 billion, a P/E ratio of 9.04 and a beta of 2.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share 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 net margin of 24.56% and a return on equity of 31.72%. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.66 EPS. As a group, sell-side analysts expect that Devon Energy Co. will post 5.25 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed 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 3.34%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s payout ratio is currently 15.09%.

Institutional Investors Weigh In On Devon Energy

Hedge funds have recently bought and sold shares of the business. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Devon Energy during the third quarter worth about $27,000. Manchester Capital Management LLC bought a new stake in Devon Energy during the fourth quarter worth about $28,000. Tradewinds Capital Management LLC bought a new stake in Devon Energy during the first quarter worth about $30,000. Sound Income Strategies LLC boosted its stake in Devon Energy by 60.7% during 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 in the last quarter. Finally, Rise Advisors LLC boosted its stake in Devon Energy by 1,365.3% during 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 in the last quarter. Institutional investors own 69.72% of the company’s stock.

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.