Devon Energy (NYSE:DVN) Stock Price Up 0.2% – Should You Buy?

Devon Energy Co. (NYSE:DVN) traded up 0.2% during trading on Tuesday . The company traded as high as $31.17 and last traded at $31.03. 2,288,911 shares were traded during mid-day trading, a decline of 71% from the average session volume of 7,773,322 shares. The stock had previously closed at $30.98.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Mizuho reduced their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. BMO Capital Markets dropped their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Wells Fargo & Company reduced their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Finally, Benchmark restated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.05.

Devon Energy Stock Performance

The stock has a 50 day moving average of $37.41 and a two-hundred day moving average of $41.87. The stock has a market capitalization of $20.52 billion, a PE ratio of 5.80, a P/E/G ratio of 1.10 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

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

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.82%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. EnCap Energy Capital Fund XI L.P. purchased a new position in Devon Energy during the 3rd quarter valued at about $461,857,000. EnCap Partners GP LLC acquired a new position in shares of Devon Energy during the 3rd quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in shares of Devon Energy during the 3rd quarter worth approximately $230,928,000. International Assets Investment Management LLC raised its position in shares of Devon Energy by 4,125.7% during the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after purchasing an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. grew its holdings in Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after buying an additional 1,677,652 shares during the last quarter. 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.