Devon Energy (NYSE:DVN) Sets New 1-Year High on Analyst Upgrade

Devon Energy Corporation (NYSE:DVN)’s share price reached a new 52-week high during trading on Thursday after Piper Sandler raised their price target on the stock from $59.00 to $67.00. Piper Sandler currently has an overweight rating on the stock. Devon Energy traded as high as $46.22 and last traded at $45.9240, with a volume of 7050632 shares traded. The stock had previously closed at $45.36.

A number of other research firms have also recently issued reports on DVN. Johnson Rice cut their price objective on Devon Energy from $70.00 to $62.00 and set a “buy” rating for the company in a research report on Friday, December 5th. Zacks Research raised Devon Energy from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Sanford C. Bernstein decreased their price objective on shares of Devon Energy from $48.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, January 5th. The Goldman Sachs Group increased their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. Finally, Wells Fargo & Company raised their target price on shares of Devon Energy from $43.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday, February 20th. Twenty-three equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.85.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently modified their holdings of the business. State Street Corp increased its position in Devon Energy by 0.6% during the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after acquiring an additional 212,074 shares during the period. Geode Capital Management LLC boosted its holdings in Devon Energy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after purchasing an additional 186,743 shares during the period. Victory Capital Management Inc. grew its position in shares of Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock worth $509,779,000 after purchasing an additional 2,071,021 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Devon Energy by 6.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock worth $327,938,000 after purchasing an additional 552,068 shares in the last quarter. Finally, Kimmeridge Energy Management Company LLC grew its position in shares of Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The company’s fifty day moving average price is $40.93 and its 200 day moving average price is $37.09. The company has a market capitalization of $28.55 billion, a P/E ratio of 11.04, a PEG ratio of 4.42 and a beta of 0.56.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. The business had revenue of $17.19 billion during the quarter, compared to analysts’ expectations of $3.67 billion. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The firm’s revenue for the quarter was down 6.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.10 earnings per share. As a group, sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, March 13th. Devon Energy’s dividend payout ratio is presently 23.02%.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.