Devon Energy (NYSE:DVN) Shares Up 1.7% – Time to Buy?

Devon Energy Co. (NYSE:DVN)’s stock price traded up 1.7% on Monday . The stock traded as high as $34.87 and last traded at $34.52. 3,964,818 shares were traded during trading, a decline of 46% from the average session volume of 7,300,667 shares. The stock had previously closed at $33.93.

Analysts Set New Price Targets

Several research analysts have commented on DVN shares. Wells Fargo & Company dropped their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. Mizuho reduced their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Finally, Piper Sandler cut their price target on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.81.

Devon Energy Price Performance

The stock has a 50-day simple moving average of $35.74 and a 200 day simple moving average of $40.77. The stock has a market capitalization of $23.09 billion, a P/E ratio of 6.52, a price-to-earnings-growth ratio of 1.10 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

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

Devon Energy Announces Dividend

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

Institutional Trading of Devon Energy

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