Devon Energy (NYSE:DVN) Stock Price Up 1.6% After Analyst Upgrade

Devon Energy Co. (NYSE:DVN)’s stock price traded up 1.6% during trading on Friday after Citigroup raised their price target on the stock from $55.00 to $62.00. Citigroup currently has a buy rating on the stock. Devon Energy traded as high as $55.09 and last traded at $54.77. 2,963,978 shares traded hands during trading, a decline of 63% from the average session volume of 8,029,235 shares. The stock had previously closed at $53.90.

A number of other research analysts also recently weighed in on the stock. Mizuho decreased their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, January 11th. Truist Financial decreased their price objective on Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a report on Friday, April 5th. Morgan Stanley upped their target price on Devon Energy from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. Finally, Piper Sandler dropped their price target on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 24th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $57.83.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently modified their holdings of DVN. Geode Capital Management LLC raised its stake in Devon Energy by 6.2% in the 1st quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after purchasing an additional 823,626 shares in the last quarter. Morgan Stanley grew its holdings in shares of Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after purchasing an additional 68,339 shares during the period. Raymond James & Associates increased its position in shares of Devon Energy by 5.0% in the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock worth $402,095,000 after purchasing an additional 402,055 shares during the period. Finally, Northern Trust Corp raised its stake in Devon Energy by 1.4% in the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock valued at $435,881,000 after purchasing an additional 99,059 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The firm has a market cap of $33.92 billion, a P/E ratio of 9.16 and a beta of 2.19. The company’s 50-day moving average is $46.84 and its two-hundred day moving average is $45.74.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the firm posted $1.66 EPS. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. Sell-side analysts anticipate that Devon Energy Co. will post 5.01 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.29%. Devon Energy’s payout ratio is 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.