Devon Energy (NYSE:DVN) Shares Up 1.3% – Still a Buy?

Devon Energy Co. (NYSE:DVN)’s stock price rose 1.3% during trading on Thursday . The stock traded as high as $35.20 and last traded at $35.15. Approximately 10,934,483 shares changed hands during trading, an increase of 3% from the average daily volume of 10,595,410 shares. The stock had previously closed at $34.69.

Analysts Set New Price Targets

A number of research firms recently issued reports on DVN. Barclays decreased their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. TD Cowen decreased their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. UBS Group cut their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Jefferies Financial Group initiated coverage on shares of Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective on the stock. Finally, Raymond James cut their price objective on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Eleven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.81.

Devon Energy Stock Up 1.3 %

The company has a market capitalization of $23.09 billion, a PE ratio of 6.52, a PEG ratio of 1.10 and a beta of 2.00. The company’s 50 day moving average is $35.74 and its two-hundred day moving average is $40.77. 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) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion during 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%. Devon Energy’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the company posted $1.65 earnings per share. On average, analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.50%. Devon Energy’s payout ratio is currently 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Fortem Financial Group LLC grew its stake in shares of Devon Energy by 17.9% in the 4th quarter. Fortem Financial Group LLC now owns 17,576 shares of the energy company’s stock worth $575,000 after buying an additional 2,672 shares in the last quarter. Bard Financial Services Inc. lifted its holdings in Devon Energy by 86.9% during the 4th quarter. Bard Financial Services Inc. now owns 20,650 shares of the energy company’s stock valued at $676,000 after buying an additional 9,600 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Devon Energy by 70.0% during the 4th quarter. Nordea Investment Management AB now owns 65,861 shares of the energy company’s stock valued at $2,145,000 after buying an additional 27,114 shares in the last quarter. Everence Capital Management Inc. lifted its holdings in Devon Energy by 19.4% during the 4th quarter. Everence Capital Management Inc. now owns 33,140 shares of the energy company’s stock valued at $1,085,000 after buying an additional 5,380 shares in the last quarter. Finally, Independent Solutions Wealth Management LLC lifted its holdings in Devon Energy by 38.0% during the 3rd quarter. Independent Solutions Wealth Management LLC now owns 13,781 shares of the energy company’s stock valued at $539,000 after buying an additional 3,797 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other 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.