Devon Energy (NYSE:DVN) Shares Up 1.2% – Time to Buy?

Shares of Devon Energy Co. (NYSE:DVN) 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 were traded 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.

Wall Street Analyst Weigh In

A number of brokerages recently commented on DVN. TD Cowen cut their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Truist Financial cut shares of Devon Energy from a “buy” rating to a “hold” rating and dropped their price objective for the company from $49.00 to $43.00 in a research note on Thursday, November 7th. Jefferies Financial Group assumed coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price on the stock. JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research report on Thursday, December 5th. Finally, Susquehanna lowered their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Eleven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.48.

Devon Energy Stock Performance

The firm’s 50-day moving average price is $35.67 and its 200 day moving average price is $40.73. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The company has a market cap of $23.71 billion, a price-to-earnings ratio of 6.70, a PEG ratio of 1.10 and a beta of 2.00.

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

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.44%. The ex-dividend date was Friday, December 13th. Devon Energy’s payout ratio is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new stake in Devon Energy in the 3rd quarter valued at $35,000. Future Financial Wealth Managment LLC bought a new stake in shares of Devon Energy in the 3rd quarter valued at about $39,000. True Wealth Design LLC lifted its position in shares of Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. boosted its position in Devon Energy by 29.8% during the third 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 during the period. Finally, Activest Wealth Management boosted its holdings in shares of 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 and hedge funds own 69.72% of the company’s stock.

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.