Devon Energy (NYSE:DVN) Trading 2.2% Higher – Here’s What Happened

by · The Markets Daily

Devon Energy Co. (NYSE:DVN – Get Free Report)’s stock price traded up 2.2% during mid-day trading on Wednesday . The stock traded as high as $38.16 and last traded at $38.01. 3,745,907 shares were traded during mid-day trading, a decline of 64% from the average session volume of 10,292,592 shares. The stock had previously closed at $37.18.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. UBS Group lowered their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Truist Financial reduced 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. Barclays cut their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Finally, Susquehanna cut their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.27.

Read Our Latest Research Report on DVN

Devon Energy Trading Up 3.8 %

The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The firm has a market cap of $25.34 billion, a price-to-earnings ratio of 7.16, a price-to-earnings-growth ratio of 1.07 and a beta of 2.00. The business’s fifty day moving average is $35.54 and its two-hundred day moving average is $40.42.

Devon Energy (NYSE:DVN – Get Free Report) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS 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 firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the business earned $1.65 EPS. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

Institutional Trading of Devon Energy

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings in shares of Devon Energy by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after buying an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Devon Energy in the 3rd quarter valued at $461,857,000. Pacer Advisors Inc. grew its holdings in shares of Devon Energy by 16.9% in 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 period. EnCap Partners GP LLC acquired a new position in shares of Devon Energy in the 3rd quarter valued at $408,653,000. Finally, Victory Capital Management Inc. grew its holdings in shares of Devon Energy by 3.8% in the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after buying an additional 361,968 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

About Devon Energy

(Get Free Report)

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.

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