Devon Energy (NYSE:DVN) Trading 0.2% Higher After Analyst Upgrade

Devon Energy Co. (NYSE:DVN) shares traded up 0.2% during mid-day trading on Wednesday after UBS Group raised their price target on the stock from $48.00 to $57.00. UBS Group currently has a neutral rating on the stock. Devon Energy traded as high as $54.27 and last traded at $54.25. 1,570,844 shares traded hands during trading, a decline of 80% from the average session volume of 8,015,729 shares. The stock had previously closed at $54.14.

Several other analysts have also recently issued reports on the company. Truist Financial decreased their price objective on Devon Energy from $69.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, April 5th. Mizuho decreased their price target on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. Barclays began coverage on Devon Energy in a report on Wednesday. They set an “equal weight” rating and a $59.00 price target on the stock. JPMorgan Chase & Co. increased their price target on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a report on Thursday, March 7th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.88.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Inscription Capital LLC grew its position in shares of Devon Energy by 74.4% during the 1st quarter. Inscription Capital LLC now owns 9,757 shares of the energy company’s stock worth $528,000 after buying an additional 4,163 shares in the last quarter. KMG Fiduciary Partners LLC grew its position in shares of Devon Energy by 6.7% during the 1st quarter. KMG Fiduciary Partners LLC now owns 32,910 shares of the energy company’s stock worth $1,651,000 after buying an additional 2,078 shares in the last quarter. Czech National Bank grew its position in shares of Devon Energy by 0.5% during the 1st quarter. Czech National Bank now owns 112,731 shares of the energy company’s stock worth $5,657,000 after buying an additional 517 shares in the last quarter. Richard P Slaughter Associates Inc grew its position in shares of Devon Energy by 11.2% during the 1st quarter. Richard P Slaughter Associates Inc now owns 31,246 shares of the energy company’s stock worth $1,568,000 after buying an additional 3,136 shares in the last quarter. Finally, Welch Group LLC grew its position in shares of Devon Energy by 21.3% during the 1st quarter. Welch Group LLC now owns 6,133 shares of the energy company’s stock worth $308,000 after buying an additional 1,079 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 0.7 %

The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average price of $46.35 and a 200-day moving average price of $45.65. The firm has a market cap of $34.61 billion, a P/E ratio of 9.35 and a beta of 2.19.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business’s revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.66 EPS. On average, equities analysts forecast that Devon Energy Co. will post 4.87 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

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.