Devon Energy (NYSE:DVN) Trading 0.3% Higher

Devon Energy Co. (NYSE:DVN) traded up 0.3% during trading on Thursday . The stock traded as high as $52.15 and last traded at $51.83. 1,028,874 shares changed hands during trading, a decline of 87% from the average session volume of 7,987,243 shares. The stock had previously closed at $51.67.

Analysts Set New Price Targets

Several brokerages have issued reports on DVN. Raymond James cut their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Barclays began coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 target price for the company. Scotiabank upped their target price on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Truist Financial cut their target price on Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Finally, Stifel Nicolaus cut their target price on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.89.

Devon Energy Stock Performance

The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The company has a market cap of $32.69 billion, a P/E ratio of 8.89 and a beta of 2.19. The business has a fifty day moving average of $47.51 and a 200 day moving average of $45.82.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion during 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 firm’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.66 earnings per share. On average, equities analysts predict that Devon Energy Co. will post 5.14 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.42%. Devon Energy’s dividend payout ratio is presently 15.09%.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Canada Pension Plan Investment Board bought a new position in shares of Devon Energy during the first quarter valued at approximately $26,000. Fortis Capital Advisors LLC purchased a new position in Devon Energy during the fourth quarter valued at $31,000. KB Financial Partners LLC purchased a new position in Devon Energy during the first quarter valued at $26,000. Coppell Advisory Solutions LLC purchased a new position in Devon Energy during the second quarter valued at $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in Devon Energy during the third quarter valued at $27,000. Institutional investors own 69.72% of the company’s stock.

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.