Devon Energy (NYSE:DVN) Reaches New 12-Month High on Analyst Upgrade

Shares of Devon Energy Corporation (NYSE:DVN) hit a new 52-week high during mid-day trading on Wednesday after Mizuho raised their price target on the stock from $51.00 to $62.00. Mizuho currently has an outperform rating on the stock. Devon Energy traded as high as $47.50 and last traded at $47.3810, with a volume of 18432694 shares. The stock had previously closed at $46.65.

Other analysts have also recently issued reports about the company. Citigroup upped their target price on Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. Scotiabank decreased their price objective on Devon Energy from $45.00 to $41.00 and set a “sector perform” rating for the company in a report on Monday, February 23rd. Zacks Research upgraded shares of Devon Energy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Johnson Rice cut their target price on shares of Devon Energy from $70.00 to $62.00 and set a “buy” rating on the stock in a report on Friday, December 5th. Finally, Weiss Ratings upgraded shares of Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, January 28th. Twenty-three equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.37.

More Devon Energy News

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Mizuho raised its price target to $62 and put an “outperform” rating on DVN — a large upside that signals stronger analyst conviction and likely increased buy interest. Read More.
• Positive Sentiment: Barclays raised its target to $54 and set an “overweight” rating, another vote of confidence from a major shop that supports upside vs. current levels. Read More.
• Positive Sentiment: Sector momentum: coverage highlights that rising crude prices (geopolitical risk around Iran) are benefiting top oil & gas names including Devon, lifting sentiment across the group. Read More.
• Positive Sentiment: Barron’s lists Devon as one of three “underappreciated” energy stocks to play an oil upswing, reinforcing institutional interest from value/contrarian investors. Read More.
• Positive Sentiment: The Motley Fool highlights Devon’s durable shareholder-return profile (low costs, FCF, pending Coterra merger) — fundamental reasons investors may bid the stock higher for yield and buyback upside. Read More.
• Positive Sentiment: Zacks notes Devon as a trending/market-beaten-upstock and reports a recent session gain, reflecting short-term retail/institutional attention. Read More.
• Neutral Sentiment: TD Cowen nudged its target to $50 but kept a “hold” rating (only modest upside), so this is less directional than the larger upgrades. Read More.
• Neutral Sentiment: Zacks and Yahoo Finance pieces reviewing Q4/peer comparisons and “trending” status provide context on fundamentals and peer-relative performance but contain no new catalyst. Read More. · Read More.

Institutional Investors Weigh In On Devon Energy

Several institutional investors and hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. lifted its holdings in Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock worth $233,953,000 after acquiring an additional 6,097,658 shares during the last quarter. Panagora Asset Management Inc. grew its holdings in shares of Devon Energy by 42,376.5% during the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock valued at $132,206,000 after purchasing an additional 3,600,731 shares during the last quarter. Kimmeridge Energy Management Company LLC grew its holdings in shares of Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after purchasing an additional 3,195,862 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after purchasing an additional 2,802,137 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Devon Energy by 608.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company’s stock worth $98,721,000 after purchasing an additional 2,314,843 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Up 1.6%

The firm has a market cap of $29.38 billion, a P/E ratio of 11.36, a P/E/G ratio of 4.47 and a beta of 0.56. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98. The firm has a fifty day moving average of $41.72 and a 200-day moving average of $37.41.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The firm had revenue of $17.19 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same period in the prior year, the business earned $1.10 EPS. The firm’s revenue was down 6.4% on a year-over-year basis. Equities research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, March 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.0%. Devon Energy’s dividend payout ratio is currently 23.02%.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.