Devon Energy (NYSE:DVN) Stock Price Up 3.4% – What’s Next?

Devon Energy Co. (NYSE:DVN)’s stock price rose 3.4% during trading on Thursday . The company traded as high as $33.93 and last traded at $33.84. Approximately 3,177,250 shares traded hands during trading, a decline of 59% from the average daily volume of 7,827,665 shares. The stock had previously closed at $32.73.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Raymond James lowered their target price on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Benchmark reiterated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Morgan Stanley dropped their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. TD Cowen decreased their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Finally, BMO Capital Markets dropped their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Eleven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $49.81.

Devon Energy Trading Up 1.6 %

The business has a 50 day moving average of $35.97 and a 200 day moving average of $41.04. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The firm has a market capitalization of $22.29 billion, a price-to-earnings ratio of 6.30, a PEG ratio of 1.10 and a beta of 1.99.

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

Devon Energy Dividend Announcement

The company also recently declared 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. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.59%. Devon Energy’s dividend payout ratio is 16.33%.

Institutional Trading of Devon Energy

A number of large investors have recently made changes to their positions in DVN. Capital Performance Advisors LLP acquired a new position in Devon Energy in the third quarter valued at about $35,000. Future Financial Wealth Managment LLC bought a new position in shares of Devon Energy during the 3rd quarter valued at about $39,000. True Wealth Design LLC grew its position in shares of Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. increased its stake in Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares in the last quarter. Finally, Activest Wealth Management raised its holdings in Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after buying an additional 480 shares during the period. Institutional investors 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.