Devon Energy (NYSE:DVN) Trading Down 0.9%

Devon Energy Co. (NYSE:DVN - Get Free Report)'s stock price was down 0.9% during mid-day trading on Wednesday . The company traded as low as $51.55 and last traded at $52.18. Approximately 6,991,359 shares changed hands during trading, a decline of 0% from the average daily volume of 7,013,805 shares. The stock had previously closed at $52.68.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on DVN shares. Citigroup increased their price objective on Devon Energy from $55.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday, April 11th. JPMorgan Chase & Co. increased their price objective on Devon Energy from $57.00 to $62.00 and gave the stock an "overweight" rating in a report on Monday, April 8th. Piper Sandler decreased their price objective on Devon Energy from $61.00 to $59.00 and set an "overweight" rating for the company in a report on Wednesday, January 24th. Morgan Stanley increased their price objective on Devon Energy from $49.00 to $50.00 and gave the stock an "overweight" rating in a report on Monday. Finally, Wells Fargo & Company upgraded Devon Energy from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $57.89.

Devon Energy Stock Performance

The firm has a market capitalization of $32.81 billion, a price-to-earnings ratio of 8.86 and a beta of 2.19. The company has a fifty day moving average of $47.51 and a two-hundred day moving average of $45.82. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results 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. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $4.15 billion during the quarter, compared to analysts' expectations of $3.88 billion. During the same period last year, the firm posted $1.66 EPS. The firm's revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, equities research analysts predict that Devon Energy Co. will post 5.02 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.41%. Devon Energy's dividend payout ratio (DPR) is presently 15.09%.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. raised its holdings in shares of Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company's stock worth $278,396,000 after buying an additional 5,700,167 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in Devon Energy by 96.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,608,577 shares of the energy company's stock worth $344,984,000 after purchasing an additional 2,752,752 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new position in Devon Energy in the 3rd quarter worth about $113,793,000. Morgan Stanley increased its holdings in Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company's stock worth $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company's stock worth $76,793,000 after purchasing an additional 1,652,671 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

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.