Devon Energy (NYSE:DVN) Trading 1.6% Higher Following Analyst Upgrade

Devon Energy Co. (NYSE:DVN - Get Free Report) shot up 1.6% during mid-day trading on Friday after Citigroup raised their price target on the stock from $55.00 to $62.00. Citigroup currently has a buy rating on the stock. Devon Energy traded as high as $55.09 and last traded at $54.77. 2,963,978 shares were traded during mid-day trading, a decline of 63% from the average session volume of 8,029,235 shares. The stock had previously closed at $53.90.

Several other analysts also recently weighed in on DVN. Barclays started coverage on shares of Devon Energy in a research note on Wednesday. They set an "equal weight" rating and a $59.00 price target for the company. Morgan Stanley lifted their price target on shares of Devon Energy from $48.00 to $49.00 and gave the company an "overweight" rating in a research note on Thursday, March 28th. UBS Group lifted their price target on shares of Devon Energy from $48.00 to $57.00 and gave the company a "neutral" rating in a research note on Wednesday. Mizuho decreased their price target on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research note on Thursday, January 11th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the company an "overweight" rating in a report on Monday. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Devon Energy has a consensus rating of "Moderate Buy" and an average price target of $57.83.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in Devon Energy by 6.2% in the first quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company's stock worth $715,360,000 after purchasing an additional 823,626 shares during the last quarter. Morgan Stanley grew its holdings in shares of Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company's stock valued at $555,567,000 after buying an additional 2,220,194 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Devon Energy by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company's stock valued at $386,832,000 after buying an additional 68,339 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Devon Energy by 5.0% during the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company's stock valued at $402,095,000 after buying an additional 402,055 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Devon Energy by 1.4% during the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company's stock valued at $435,881,000 after buying an additional 99,059 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Down 0.9 %

The stock has a market capitalization of $33.93 billion, a PE ratio of 9.16 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The business's fifty day moving average price is $46.84 and its two-hundred day moving average price is $45.75.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business's quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.66 earnings per share. On average, equities research analysts forecast that Devon Energy Co. will post 4.91 EPS for the current fiscal 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 issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy's dividend payout ratio (DPR) is presently 15.09%.

Devon Energy Company Profile

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.