Devon Energy (NYSE:DVN) Stock Price Up 0.2% on Analyst Upgrade

Devon Energy Co. (NYSE:DVN)’s stock price was up 0.2% during mid-day trading on Tuesday after Stifel Nicolaus raised their price target on the stock from $65.00 to $66.00. Stifel Nicolaus currently has a buy rating on the stock. Devon Energy traded as high as $52.26 and last traded at $52.21. Approximately 1,033,805 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 7,893,614 shares. The stock had previously closed at $52.13.

A number of other brokerages have also issued reports on DVN. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Citigroup raised their price target on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Barclays started coverage on Devon Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective on the stock. Susquehanna raised their price objective on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a report on Monday. Finally, Scotiabank raised their price objective on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $58.33.

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of DVN. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Devon Energy during the 3rd quarter worth approximately $27,000. Manchester Capital Management LLC purchased a new stake in Devon Energy during the 4th quarter worth approximately $28,000. Tradewinds Capital Management LLC purchased a new stake in Devon Energy during the 1st quarter worth approximately $30,000. Sound Income Strategies LLC increased its holdings in Devon Energy by 60.7% during the 4th 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 last quarter. Finally, Rise Advisors LLC increased its holdings in Devon Energy by 1,365.3% during the 4th 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 last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Trading Down 0.9 %

The company has a market cap of $33.08 billion, a price-to-earnings ratio of 8.93 and a beta of 2.19. The firm has a 50-day moving average price of $48.51 and a 200 day moving average price of $46.09. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business’s revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.66 EPS. As a group, sell-side analysts forecast that Devon Energy Co. will post 5.2 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.38%. Devon Energy’s payout ratio is 15.09%.

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.