Devon Energy (NYSE:DVN) Trading Up 1.5% - What's Next?

Devon Energy Co. (NYSE:DVN - Get Free Report) shot up 1.5% on Friday . The company traded as high as $36.88 and last traded at $35.68. 4,722,752 shares were traded during mid-day trading, a decline of 51% from the average session volume of 9,609,454 shares. The stock had previously closed at $35.15.

Wall Street Analysts Forecast Growth

Several analysts have commented on DVN shares. Royal Bank of Canada reissued a "sector perform" rating and issued a $50.00 price objective on shares of Devon Energy in a report on Friday. JPMorgan Chase & Co. cut shares of Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 price target on the stock. in a research note on Thursday, December 5th. Mizuho cut their price target on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating for the company in a report on Monday, December 16th. Raymond James decreased their price objective on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Finally, Evercore ISI cut their target price on shares of Devon Energy from $55.00 to $50.00 and set an "in-line" rating for the company in a research note on Monday, September 30th. Eleven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $49.48.

Devon Energy Price Performance

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 company has a market cap of $23.71 billion, a price-to-earnings ratio of 6.70, a PEG ratio of 1.10 and a beta of 2.00. The stock's 50-day simple moving average is $35.67 and its 200 day simple moving average is $40.73.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business's revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.65 EPS. On average, equities research analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.44%. Devon Energy's dividend payout ratio is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy in the third quarter valued at approximately $461,857,000. EnCap Partners GP LLC acquired a new stake in Devon Energy during the 3rd quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in Devon Energy in the 3rd quarter valued at approximately $230,928,000. International Assets Investment Management LLC grew its stake in shares of Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company's stock worth $89,231,000 after acquiring an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in shares of Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company's stock worth $453,446,000 after acquiring an additional 1,677,652 shares in the last quarter. 69.72% of the stock is currently 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.