Devon Energy (NYSE:DVN) Shares Up 3% - Time to Buy?

Shares of Devon Energy Co. (NYSE:DVN - Get Free Report) traded up 3% during trading on Monday . The stock traded as high as $34.12 and last traded at $34.14. 1,496,170 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 9,076,991 shares. The stock had previously closed at $33.15.

Wall Street Analysts Forecast Growth

Several research firms have commented on DVN. TD Cowen dropped their price objective on shares of Devon Energy from $54.00 to $46.00 and set a "hold" rating for the company in a report on Tuesday, November 5th. JPMorgan Chase & Co. lowered Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 price target for the company. in a research note on Thursday, December 5th. Truist Financial reduced their price objective on Devon Energy from $43.00 to $42.00 and set a "hold" rating on the stock in a research note on Monday, January 13th. Piper Sandler upped their price target on shares of Devon Energy from $53.00 to $54.00 and gave the company an "overweight" rating in a research note on Wednesday, January 29th. Finally, Wells Fargo & Company reduced their target price on shares of Devon Energy from $49.00 to $43.00 and set an "overweight" rating on the stock in a report on Tuesday, December 17th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $49.45.

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Devon Energy Stock Up 0.6 %

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The company has a fifty day simple moving average of $34.27 and a two-hundred day simple moving average of $38.72. The firm has a market capitalization of $22.44 billion, a PE ratio of 6.34, a PEG ratio of 1.04 and a beta of 1.98.

Institutional Trading of Devon Energy

Hedge funds have recently added to or reduced their stakes in the business. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Devon Energy in the 3rd quarter valued at about $461,857,000. EnCap Partners GP LLC purchased a new position in Devon Energy during the third quarter valued at approximately $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new stake in Devon Energy during the third quarter worth $230,928,000. Vanguard Group Inc. boosted its position in Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock valued at $2,640,727,000 after acquiring an additional 5,465,692 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Devon Energy in the 4th quarter valued at $154,170,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.