Devon Energy (NYSE:DVN) Trading Up 0.5% – Should You Buy?

Devon Energy Co. (NYSE:DVN) was up 0.5% during mid-day trading on Tuesday . The stock traded as high as $37.39 and last traded at $36.97. Approximately 2,512,075 shares were traded during trading, a decline of 76% from the average daily volume of 10,265,698 shares. The stock had previously closed at $36.77.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Benchmark raised Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a report on Tuesday. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a report on Friday. Wells Fargo & Company lowered their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Truist Financial reduced their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Monday. Finally, Jefferies Financial Group initiated coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price on the stock. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $49.18.

Devon Energy Stock Up 1.1 %

The stock has a market cap of $24.42 billion, a price-to-earnings ratio of 6.90, a P/E/G ratio of 1.07 and a beta of 2.00. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The firm’s 50 day moving average is $35.58 and its two-hundred day moving average is $40.49.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the business posted $1.65 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. On average, sell-side analysts predict that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently added to or reduced their stakes in the business. William B. Walkup & Associates Inc. acquired a new position in shares of Devon Energy during the 2nd quarter valued at about $1,026,000. Legacy Investment Solutions LLC purchased a new stake in Devon Energy in the third quarter valued at approximately $8,002,000. Bridgewater Associates LP acquired a new position in Devon Energy during the third quarter worth approximately $9,426,000. Petrus Trust Company LTA raised its stake in Devon Energy by 394.7% during the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after purchasing an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in shares of Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after purchasing an additional 6,358 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.