Devon Energy (NYSE:DVN) Hits New 12-Month High – What’s Next?

Devon Energy Corporation (NYSE:DVN)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $39.99 and last traded at $39.85, with a volume of 8869903 shares trading hands. The stock had previously closed at $39.45.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Argus raised shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, November 26th. Mizuho boosted their price target on Devon Energy from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Capital One Financial cut their price objective on Devon Energy from $52.00 to $51.00 and set an “overweight” rating on the stock in a report on Tuesday, November 11th. Zacks Research downgraded Devon Energy from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. Finally, Wells Fargo & Company upped their target price on Devon Energy from $37.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $44.76.

Devon Energy Stock Performance

The company has a market capitalization of $25.18 billion, a PE ratio of 9.44, a PEG ratio of 3.64 and a beta of 0.60. The firm has a 50-day moving average of $36.99 and a two-hundred day moving average of $35.00. The company has a quick ratio of 0.87, a current ratio of 0.96 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The business had revenue of $0.00 million for the quarter, compared to analysts’ expectations of $4.10 billion. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. During the same quarter last year, the company earned $1.10 EPS. Research analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, December 15th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.4%. The ex-dividend date was Monday, December 15th. Devon Energy’s dividend payout ratio (DPR) is currently 22.59%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently modified their holdings of DVN. Caldwell Trust Co acquired a new stake in shares of Devon Energy during the 2nd quarter valued at about $25,000. PFS Partners LLC acquired a new position in Devon Energy in the 3rd quarter worth about $25,000. First Horizon Corp acquired a new stake in Devon Energy in the third quarter valued at approximately $26,000. Accredited Wealth Management LLC increased its position in shares of Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after buying an additional 308 shares in the last quarter. Finally, Ameriflex Group Inc. raised its stake in shares of Devon Energy by 702.0% during the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock worth $28,000 after buying an additional 702 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.