Devon Energy (NYSE:DVN) Shares Up 3% – What’s Next?

Devon Energy Co. (NYSE:DVN) shares were up 3% on Monday . The stock traded as high as $34.12 and last traded at $34.14. Approximately 1,496,170 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 9,076,991 shares. The stock had previously closed at $33.15.

Wall Street Analyst Weigh In

Several research firms recently weighed in on DVN. Benchmark upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Tuesday, January 14th. Truist Financial cut their target price on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Monday, January 13th. Citigroup decreased their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Susquehanna dropped their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Finally, Mizuho reduced their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $49.45.

Devon Energy Stock Performance

The business’s 50-day moving average price is $34.36 and its 200-day moving average price is $38.79. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a market cap of $22.30 billion, a PE ratio of 6.30, a P/E/G ratio of 1.04 and a beta of 1.98.

Institutional Trading of Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Legacy Investment Solutions LLC purchased a new position in shares of Devon Energy in the third quarter worth $8,002,000. Bridgewater Associates LP purchased a new position in Devon Energy in the 3rd quarter worth $9,426,000. Petrus Trust Company LTA raised its stake in Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after acquiring an additional 17,415 shares during the last quarter. CIBC Asset Management Inc lifted its position in Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after acquiring an additional 6,358 shares during the period. Finally, Smead Capital Management Inc. grew its stake in Devon Energy by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after purchasing an additional 198,193 shares during the last quarter. Hedge funds and other 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.