Devon Energy (NYSE:DVN) Shares Up 0.9% – Should You Buy?

Devon Energy Co. (NYSE:DVN)’s stock price was up 0.9% during trading on Wednesday . The stock traded as high as $36.83 and last traded at $37.06. Approximately 1,830,857 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 10,560,949 shares. The stock had previously closed at $36.73.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on DVN shares. BMO Capital Markets dropped their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Mizuho reduced their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Raymond James cut their target price on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research note on Thursday, December 5th. Finally, Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research note on Tuesday, January 14th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.27.

Devon Energy Trading Up 0.1 %

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 firm has a market capitalization of $24.16 billion, a P/E ratio of 6.82, a price-to-earnings-growth ratio of 1.26 and a beta of 2.00. The firm’s 50-day simple moving average is $35.43 and its 200-day simple moving average is $40.07.

Devon Energy (NYSE:DVN) last released its quarterly earnings data 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 return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the firm posted $1.65 earnings per share. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. Analysts anticipate that Devon Energy Co. will post 4.68 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors 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 annualized dividend and a dividend yield of 2.39%. Devon Energy’s payout ratio is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in DVN. Envestnet Asset Management Inc. increased its position in shares of Devon Energy by 0.5% during the second quarter. Envestnet Asset Management Inc. now owns 315,446 shares of the energy company’s stock valued at $14,952,000 after buying an additional 1,591 shares during the period. Edgestream Partners L.P. purchased a new position in shares of Devon Energy during the 2nd quarter worth approximately $342,000. Intech Investment Management LLC raised its position in shares of Devon Energy by 449.1% in the 2nd quarter. Intech Investment Management LLC now owns 22,398 shares of the energy company’s stock worth $1,062,000 after acquiring an additional 18,319 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Devon Energy by 53.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 12,846 shares of the energy company’s stock valued at $609,000 after purchasing an additional 4,460 shares during the period. Finally, AE Wealth Management LLC boosted its position in shares of Devon Energy by 48.1% during the second quarter. AE Wealth Management LLC now owns 15,923 shares of the energy company’s stock valued at $755,000 after purchasing an additional 5,168 shares in the last quarter. 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.