Devon Energy (NYSE:DVN) Trading Up 0.3%

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DVN. Scotiabank increased their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. JPMorgan Chase & Co. increased their price target on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Raymond James cut their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. UBS Group increased their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Finally, Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average target price of $57.94.

Devon Energy Stock Up 0.8 %

The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The stock’s 50 day simple moving average is $47.89 and its 200 day simple moving average is $45.90. The firm has a market cap of $32.92 billion, a P/E ratio of 8.89 and a beta of 2.19.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the company earned $1.66 earnings per share. The business’s revenue was down 3.6% on a year-over-year basis. Research analysts anticipate that Devon Energy Co. will post 5.14 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.39%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Pacer Advisors Inc. boosted its holdings in Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after acquiring an additional 5,700,167 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in Devon Energy by 96.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,608,577 shares of the energy company’s stock worth $344,984,000 after purchasing an additional 2,752,752 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new position in Devon Energy during the third quarter worth about $113,793,000. Morgan Stanley grew its position in Devon Energy by 23.6% in 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. Finally, International Assets Investment Management LLC increased its stake in Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after buying an additional 1,652,671 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

About Devon Energy

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.