Devon Energy (NYSE:DVN) Stock Price Up 0.9% on Analyst Upgrade

Shares of Devon Energy Co. (NYSE:DVN - Get Free Report) traded up 0.9% during trading on Monday after Truist Financial raised their price target on the stock from $66.00 to $69.00. Truist Financial currently has a buy rating on the stock. Devon Energy traded as high as $52.36 and last traded at $52.31. 1,752,598 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 7,921,695 shares. The stock had previously closed at $51.83.

Several other equities analysts also recently issued reports on DVN. Mizuho reduced their price objective on Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Thursday, January 11th. Piper Sandler boosted their price objective on Devon Energy from $59.00 to $60.00 and gave the stock an "overweight" rating in a research report on Friday. Barclays assumed coverage on Devon Energy in a report on Wednesday, April 10th. They set an "equal weight" rating and a $59.00 target price on the stock. Stifel Nicolaus dropped their target price on Devon Energy from $75.00 to $65.00 and set a "buy" rating on the stock in a report on Friday, March 22nd. Finally, Morgan Stanley boosted their target price on Devon Energy from $49.00 to $50.00 and gave the stock an "overweight" rating in a report on Monday, April 15th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and an average target price of $58.28.

Institutional Trading of Devon Energy

Several large investors have recently added to or reduced their stakes in DVN. International Assets Investment Management LLC raised its stake in Devon Energy by 16.2% during the 3rd quarter. International Assets Investment Management LLC now owns 42,535 shares of the energy company's stock valued at $2,077,000 after purchasing an additional 5,920 shares during the period. CWM LLC raised its stake in Devon Energy by 76.3% during the 3rd quarter. CWM LLC now owns 26,064 shares of the energy company's stock valued at $1,243,000 after purchasing an additional 11,279 shares during the period. Ritholtz Wealth Management acquired a new stake in Devon Energy during the 3rd quarter valued at $368,000. Global Retirement Partners LLC raised its stake in Devon Energy by 1.6% during the 3rd quarter. Global Retirement Partners LLC now owns 22,102 shares of the energy company's stock valued at $1,054,000 after purchasing an additional 351 shares during the period. Finally, HB Wealth Management LLC raised its stake in Devon Energy by 32.3% during the 3rd quarter. HB Wealth Management LLC now owns 17,419 shares of the energy company's stock valued at $831,000 after purchasing an additional 4,248 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

The firm's fifty day moving average price is $48.09 and its 200 day moving average price is $45.98. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $33.10 billion, a PE ratio of 8.94 and a beta of 2.19.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion for the quarter, compared to analysts' expectations of $3.88 billion. During the same period in the previous year, the company posted $1.66 EPS. Devon Energy's revenue was down 3.6% on a year-over-year basis. On average, research analysts anticipate that Devon Energy Co. will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 3.38%. The ex-dividend date was Thursday, March 14th. Devon Energy's dividend payout ratio is currently 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.