Devon Energy (NYSE:DVN) Shares Up 0.5% - Here's What Happened

Devon Energy Co. (NYSE:DVN - Get Free Report)'s share price shot up 0.5% on Tuesday . The company traded as high as $37.39 and last traded at $36.97. 2,512,075 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 10,265,698 shares. The stock had previously closed at $36.77.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on DVN. Royal Bank of Canada reiterated a "sector perform" rating and set a $50.00 price target on shares of Devon Energy in a report on Friday. Citigroup lowered their target price on Devon Energy from $55.00 to $48.00 and set a "buy" rating for the company in a report on Tuesday, November 26th. Barclays cut their price target on Devon Energy from $55.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 3rd. Raymond James lowered their price objective on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Finally, Mizuho reduced their target price on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating on the stock in a report on Monday, December 16th. Ten investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $49.18.

Devon Energy Trading Up 1.2 %

The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $24.45 billion, a PE ratio of 6.91, a P/E/G ratio of 1.07 and a beta of 2.00. The firm has a 50 day moving average price of $35.58 and a 200 day moving average price of $40.49.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business's revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.65 EPS. Equities analysts expect that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy's payout ratio is 16.33%.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds have recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new position in shares of Devon Energy in the third quarter worth about $35,000. Future Financial Wealth Managment LLC purchased a new position in Devon Energy in the 3rd quarter valued at approximately $39,000. True Wealth Design LLC raised its holdings in Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company's stock valued at $44,000 after acquiring an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. lifted its position in shares of Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company's stock worth $49,000 after acquiring an additional 290 shares in the last quarter. Finally, Activest Wealth Management raised its stake in shares of Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company's stock valued at $50,000 after purchasing an additional 480 shares during the period. Institutional investors own 69.72% of the company's stock.

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.