Devon Energy (NYSE:DVN) Trading Down 1%

Devon Energy Co. (NYSE:DVN)’s share price traded down 1% during mid-day trading on Thursday . The company traded as low as $51.43 and last traded at $51.58. 1,741,717 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 7,836,701 shares. The stock had previously closed at $52.10.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Truist Financial lifted their target price on Devon Energy from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Citigroup lifted their target price on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Piper Sandler boosted their price target on Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Finally, Barclays assumed coverage on Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Stock Performance

The stock has a 50 day moving average of $48.88 and a 200 day moving average of $46.18. 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 capitalization of $33.48 billion, a price-to-earnings ratio of 9.04 and a beta of 2.19.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the firm earned $1.66 earnings per share. The company’s revenue was down 3.6% compared to the same quarter last year. As a group, analysts predict that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Hedge Funds Weigh In On Devon Energy

Institutional investors have recently added to or reduced their stakes in the business. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Devon Energy in the third quarter valued at approximately $27,000. Tradewinds Capital Management LLC acquired a new position in Devon Energy in the first quarter valued at approximately $30,000. Manchester Capital Management LLC acquired a new position in Devon Energy in the fourth quarter valued at approximately $28,000. Sound Income Strategies LLC raised its position in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares during the period. Finally, Rise Advisors LLC raised its position in shares of Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

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.