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

Devon Energy Co. (NYSE:DVN - Get Free Report) shares shot 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. 1,033,805 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 7,893,614 shares. The stock had previously closed at $52.13.

A number of other analysts have also issued reports on DVN. UBS Group increased their target price on Devon Energy from $48.00 to $57.00 and gave the company a "neutral" rating in a report on Wednesday, April 10th. Piper Sandler upped their price target on shares of Devon Energy from $59.00 to $60.00 and gave the stock an "overweight" rating in a research note on Friday. Morgan Stanley upped their price target on shares of Devon Energy from $49.00 to $50.00 and gave the stock an "overweight" rating in a research note on Monday, April 15th. Truist Financial upped their price target on shares of Devon Energy from $66.00 to $69.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Raymond James dropped their price target on shares of Devon Energy from $53.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, January 24th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company 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 made changes to their positions in DVN. CWM LLC grew its position in shares of Devon Energy by 76.3% in the third 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 last quarter. Ritholtz Wealth Management bought a new stake in shares of Devon Energy in the third quarter valued at about $368,000. Avior Wealth Management LLC lifted its stake in shares of Devon Energy by 4.9% in the third quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company's stock valued at $210,000 after buying an additional 207 shares during the period. Midwest Financial Group LLC lifted its stake in Devon Energy by 4.3% during the third quarter. Midwest Financial Group LLC now owns 18,260 shares of the energy company's stock worth $871,000 after purchasing an additional 760 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its stake in Devon Energy by 19.0% during the third quarter. Newbridge Financial Services Group Inc. now owns 18,660 shares of the energy company's stock worth $890,000 after purchasing an additional 2,978 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Up 0.8 %

The company has a market cap of $33.38 billion, a price-to-earnings ratio of 9.02 and a beta of 2.19. The company's fifty day moving average price is $48.30 and its two-hundred day moving average price is $46.05. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share 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 net margin of 24.56% and a return on equity of 31.72%. The company's revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the business posted $1.66 earnings per share. Research analysts expect 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. Investors of record on Friday, March 15th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy's dividend payout ratio is currently 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.