Devon Energy (NYSE:DVN) Sets New 12-Month High Following Analyst Upgrade

Devon Energy Corporation (NYSE:DVN)’s share price reached a new 52-week high during mid-day trading on Thursday after Piper Sandler raised their price target on the stock from $59.00 to $67.00. Piper Sandler currently has an overweight rating on the stock. Devon Energy traded as high as $46.22 and last traded at $45.9240, with a volume of 7050632 shares trading hands. The stock had previously closed at $45.36.

DVN has been the subject of a number of other reports. TD Cowen raised shares of Devon Energy to a “hold” rating in a research note on Monday, February 9th. Mizuho set a $51.00 price target on Devon Energy in a report on Tuesday, February 3rd. Scotiabank reduced their price objective on Devon Energy from $45.00 to $41.00 and set a “sector perform” rating for the company in a research report on Monday, February 23rd. BMO Capital Markets increased their price objective on Devon Energy from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, March 3rd. Finally, JPMorgan Chase & Co. dropped their target price on Devon Energy from $44.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, January 15th. Twenty-three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.85.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently modified their holdings of the business. Tobam raised its holdings in Devon Energy by 16.4% during the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after acquiring an additional 230 shares in the last quarter. TD Private Client Wealth LLC increased its position in shares of Devon Energy by 3.4% during the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock worth $262,000 after purchasing an additional 236 shares during the last quarter. Catalyst Financial Partners LLC increased its position in shares of Devon Energy by 3.9% during the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after purchasing an additional 254 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its stake in shares of Devon Energy by 21.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock worth $54,000 after purchasing an additional 257 shares in the last quarter. Finally, Zions Bancorporation National Association UT boosted its holdings in shares of Devon Energy by 7.9% in the 4th quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock valued at $129,000 after buying an additional 258 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Up 1.5%

The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98. The firm has a fifty day moving average price of $40.93 and a 200 day moving average price of $37.09. The company has a market cap of $28.55 billion, a price-to-earnings ratio of 11.04, a P/E/G ratio of 4.42 and a beta of 0.56.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The business had revenue of $17.19 billion for the quarter, compared to the consensus estimate of $3.67 billion. During the same period in the previous year, the company earned $1.10 earnings per share. The firm’s revenue for the quarter was down 6.4% on a year-over-year basis. As a group, equities analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, March 13th. Devon Energy’s dividend payout ratio is presently 23.02%.

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.