Devon Energy (NYSE:DVN) Shares Up 2.4% – Here’s What Happened

Shares of Devon Energy Co. (NYSE:DVN) rose 2.4% on Wednesday . The stock traded as high as $32.78 and last traded at $32.73. Approximately 10,399,120 shares traded hands during trading, an increase of 33% from the average daily volume of 7,827,665 shares. The stock had previously closed at $31.97.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on DVN. Evercore ISI lowered their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and decreased their price target for the stock from $49.00 to $43.00 in a research note on Thursday, November 7th. Susquehanna cut their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a report on Friday, October 18th. JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a research report on Thursday, December 5th. Finally, StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a report on Wednesday, December 25th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $50.05.

Devon Energy Price Performance

The firm has a market cap of $21.50 billion, a price-to-earnings ratio of 6.07, a PEG ratio of 1.10 and a beta of 1.99. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The company’s 50-day moving average price is $36.33 and its 200-day moving average price is $41.23.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the firm earned $1.65 earnings per share. On average, equities research analysts forecast that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.69%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in DVN. William B. Walkup & Associates Inc. acquired a new stake in Devon Energy in the second quarter valued at $1,026,000. Legacy Investment Solutions LLC acquired a new stake in Devon Energy in the third quarter valued at $8,002,000. Bridgewater Associates LP purchased a new position in shares of Devon Energy in the third quarter valued at $9,426,000. Petrus Trust Company LTA raised its stake in shares of Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after buying an additional 17,415 shares during the last quarter. Finally, CIBC Asset Management Inc grew its stake in Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after acquiring an additional 6,358 shares during the last quarter. Institutional investors and hedge funds 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.