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

Devon Energy Co. (NYSE:DVN)’s share price was up 0.9% on Monday 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 $52.36 and last traded at $52.31. Approximately 1,752,598 shares traded hands during trading, a decline of 78% from the average daily volume of 7,921,695 shares. The stock had previously closed at $51.83.

Several other equities research analysts have also issued reports on DVN. Barclays initiated coverage on Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price target for the company. Susquehanna boosted their target price on Devon Energy from $52.00 to $65.00 and gave the stock 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 stock an “overweight” rating in a report on Monday, April 15th. 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. Finally, Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $58.33.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in DVN. Salem Investment Counselors Inc. grew its stake in shares of Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after buying an additional 199 shares during the last quarter. Avior Wealth Management LLC raised its holdings in shares of Devon Energy by 4.9% during the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after acquiring an additional 207 shares in the last quarter. MCF Advisors LLC increased its position in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares during the last quarter. Cornerstone Wealth Management LLC lifted its stake in Devon Energy by 1.9% in the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after purchasing an additional 218 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in Devon Energy by 2.1% during the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after buying an additional 239 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

The firm has a 50 day moving average price of $48.30 and a 200 day moving average price of $46.05. The stock has a market cap of $33.38 billion, a PE ratio of 9.02 and a beta of 2.19. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data 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. 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 earned $1.66 earnings per share. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, research analysts forecast that Devon Energy Co. will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.35%. 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.