Devon Energy (NYSE:DVN) Shares Up 1% – Time to Buy?

Devon Energy Co. (NYSE:DVN) was up 1% on Friday . The stock traded as high as $33.86 and last traded at $33.73. 2,124,779 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 5,873,662 shares. The stock had previously closed at $33.40.

Wall Street Analyst Weigh In

DVN has been the topic of several research analyst reports. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Friday. Susquehanna cut their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Morgan Stanley decreased their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Truist Financial lowered Devon Energy from a “buy” rating to a “hold” rating and cut their price objective for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Finally, Piper Sandler dropped their price objective on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Eleven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average price target of $49.81.

Devon Energy Price Performance

The stock has a market cap of $22.35 billion, a price-to-earnings ratio of 6.31, a price-to-earnings-growth 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 is $36.07 and its 200-day moving average is $41.12.

Devon Energy (NYSE:DVN) last announced 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. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the company posted $1.65 EPS. Devon Energy’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities research analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently added to or reduced their stakes in the business. William B. Walkup & Associates Inc. purchased a new position in Devon Energy in the second quarter valued at about $1,026,000. Legacy Investment Solutions LLC bought a new stake in Devon Energy during the 3rd quarter worth approximately $8,002,000. Bridgewater Associates LP purchased a new stake in shares of Devon Energy in the third quarter worth $9,426,000. Petrus Trust Company LTA grew its holdings in shares of Devon Energy by 394.7% during the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after purchasing an additional 17,415 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in shares of Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after acquiring an additional 6,358 shares during the last quarter. 69.72% of the stock is 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.