Devon Energy (NYSE:DVN) Trading Up 1.2% – Here’s Why

by · The Markets Daily

Devon Energy Co. (NYSE:DVN – Get Free Report) shot up 1.2% during trading on Wednesday . The company traded as high as $35.19 and last traded at $35.11. 2,157,992 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 8,857,343 shares. The stock had previously closed at $34.69.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on DVN shares. Mizuho dropped their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. UBS Group cut their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Wells Fargo & Company decreased their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. TD Cowen lowered their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Finally, Benchmark reissued a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Eleven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.48.

Get Our Latest Analysis on DVN

Devon Energy Price Performance

The company has a market capitalization of $23.71 billion, a P/E ratio of 6.70, a price-to-earnings-growth ratio of 1.10 and a beta of 2.00. The business’s 50-day moving average is $35.67 and its two-hundred day moving average is $40.73. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN – Get Free Report) 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 for 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%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.65 EPS. As a group, 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 announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. Sugarloaf Wealth Management LLC lifted its stake in Devon Energy by 159.0% in the fourth quarter. Sugarloaf Wealth Management LLC now owns 15,717 shares of the energy company’s stock valued at $514,000 after purchasing an additional 9,648 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Devon Energy by 90.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock valued at $89,170,000 after buying an additional 1,296,590 shares during the period. Hudson Valley Investment Advisors Inc. ADV lifted its position in shares of Devon Energy by 20.8% during the 4th quarter. Hudson Valley Investment Advisors Inc. ADV now owns 6,600 shares of the energy company’s stock valued at $216,000 after buying an additional 1,137 shares during the last quarter. Fortem Financial Group LLC grew its stake in shares of Devon Energy by 17.9% during the 4th 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. Finally, Bard Financial Services Inc. increased its holdings in Devon Energy by 86.9% in 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 during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Company Profile

(Get Free Report)

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.

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