Devon Energy (NYSE:DVN) Trading Up 1.4% – Time to Buy?

Shares of Devon Energy Co. (NYSE:DVN) shot up 1.4% during trading on Friday . The stock traded as high as $30.96 and last traded at $30.95. 3,562,759 shares changed hands during trading, a decline of 53% from the average session volume of 7,655,170 shares. The stock had previously closed at $30.52.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on DVN. Piper Sandler cut their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday. Morgan Stanley dropped their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, September 3rd. BMO Capital Markets dropped their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Finally, StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Monday. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $50.05.

Devon Energy Stock Up 1.1 %

The firm has a market cap of $20.27 billion, a PE ratio of 5.73, a PEG ratio of 1.10 and a beta of 1.99. The stock has a fifty day moving average price of $37.89 and a 200-day moving average price of $42.16. 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. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. Devon Energy’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.65 EPS. Research analysts expect that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.85%. Devon Energy’s payout ratio is presently 16.33%.

Institutional Trading of Devon Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. Independent Solutions Wealth Management LLC raised its holdings in Devon Energy by 38.0% in the 3rd quarter. Independent Solutions Wealth Management LLC now owns 13,781 shares of the energy company’s stock valued at $539,000 after acquiring an additional 3,797 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Devon Energy by 1.0% in the 3rd quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company’s stock valued at $28,635,000 after buying an additional 7,487 shares in the last quarter. IMS Capital Management lifted its holdings in shares of Devon Energy by 49.3% during the 3rd quarter. IMS Capital Management now owns 18,660 shares of the energy company’s stock worth $730,000 after acquiring an additional 6,165 shares during the period. Franklin Resources Inc. grew its position in Devon Energy by 90.1% in the third quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company’s stock valued at $58,435,000 after acquiring an additional 646,045 shares during the period. Finally, Peapack Gladstone Financial Corp lifted its holdings in Devon Energy by 13.1% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 137,427 shares of the energy company’s stock valued at $5,377,000 after purchasing an additional 15,929 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.