Devon Energy (NYSE:DVN) Stock Price Up 1.5% – Time to Buy?

Devon Energy Co. (NYSE:DVN)’s stock price traded up 1.5% during trading on Friday . The company traded as high as $36.88 and last traded at $35.68. 4,722,752 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 9,609,454 shares. The stock had previously closed at $35.15.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on DVN. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Benchmark restated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Truist Financial cut Devon Energy from a “buy” rating to a “hold” rating and reduced their price target for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price for the company. in a research note on Thursday, December 5th. Finally, Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Friday, January 3rd. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.48.

Devon Energy Stock Up 3.3 %

The company has a market capitalization of $23.85 billion, a PE ratio of 6.74, a P/E/G ratio of 1.10 and a beta of 2.00. The business has a 50-day moving average of $35.67 and a 200 day moving average of $40.73. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.65 earnings per share. Equities research analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.42%. Devon Energy’s payout ratio is 16.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in DVN. Wealth Enhancement Advisory Services LLC raised its position in Devon Energy by 90.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock valued at $89,170,000 after purchasing an additional 1,296,590 shares in the last quarter. Hudson Valley Investment Advisors Inc. ADV raised its holdings in shares of Devon Energy by 20.8% in the fourth quarter. Hudson Valley Investment Advisors Inc. ADV now owns 6,600 shares of the energy company’s stock valued at $216,000 after acquiring an additional 1,137 shares in the last quarter. Fortem Financial Group LLC lifted its stake in Devon Energy by 17.9% in the fourth quarter. Fortem Financial Group LLC now owns 17,576 shares of the energy company’s stock worth $575,000 after acquiring an additional 2,672 shares during the period. Bard Financial Services Inc. grew its holdings in Devon Energy by 86.9% during the 4th quarter. Bard Financial Services Inc. now owns 20,650 shares of the energy company’s stock worth $676,000 after acquiring an additional 9,600 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in Devon Energy by 70.0% during the 4th quarter. Nordea Investment Management AB now owns 65,861 shares of the energy company’s stock worth $2,145,000 after acquiring an additional 27,114 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

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.