Devon Energy (NYSE:DVN) Shares Up 2.2% – Should You Buy?

Devon Energy Co. (NYSE:DVN)’s stock price shot up 2.2% on Wednesday . The company traded as high as $38.16 and last traded at $38.01. 3,745,907 shares changed hands during trading, a decline of 64% from the average session volume of 10,292,592 shares. The stock had previously closed at $37.18.

Wall Street Analyst Weigh In

DVN has been the topic of several recent research reports. Royal Bank of Canada restated a “sector perform” rating and issued a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. Evercore ISI decreased their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Friday, January 3rd. Jefferies Financial Group began coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price target on the stock. Finally, Wells Fargo & Company reduced their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $49.27.

Devon Energy Trading Down 1.2 %

The company has a market cap of $24.95 billion, a price-to-earnings ratio of 7.05, a price-to-earnings-growth ratio of 1.14 and a beta of 2.00. The company’s 50 day moving average price is $35.50 and its 200 day moving average price is $40.39. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the business posted $1.65 earnings per share. The business’s quarterly revenue was up 4.9% on a year-over-year basis. Research analysts anticipate that Devon Energy Co. will post 4.72 EPS for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.32%. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors have recently modified their holdings of DVN. Capital Performance Advisors LLP bought a new stake in shares of Devon Energy during the 3rd quarter worth $35,000. Future Financial Wealth Managment LLC acquired a new position in Devon Energy during the 3rd quarter worth $39,000. True Wealth Design LLC boosted its holdings in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after acquiring an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. increased its stake in shares of Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares during the period. Finally, Activest Wealth Management lifted its position in shares of Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after purchasing an additional 480 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

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.