Devon Energy (NYSE:DVN) Shares Up 2.2% - Should You Buy?

Devon Energy Co. (NYSE:DVN - Get Free Report)'s stock price traded up 2.2% during mid-day trading on Wednesday . The company traded as high as $38.16 and last traded at $38.01. 3,745,907 shares changed hands during trading, a decline of 64% from the average session volume of 10,292,592 shares. The stock had previously closed at $37.18.

Analysts Set New Price Targets

DVN has been the topic of a number of research reports. Mizuho dropped their price target on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. Wolfe Research upgraded Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 target price on the stock in a research note on Friday, January 3rd. Sanford C. Bernstein raised Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 price target for the company in a research note on Wednesday. StockNews.com raised Devon Energy from a "sell" rating to a "hold" rating in a research note on Friday, January 3rd. Finally, BMO Capital Markets cut their price objective on shares of Devon Energy from $52.00 to $48.00 and set an "outperform" rating on the stock in a research report on Friday, October 4th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $49.27.

Devon Energy Stock Up 3.4 %

The business has a 50 day moving average price of $35.54 and a 200 day moving average price of $40.42. The firm has a market capitalization of $25.26 billion, a P/E ratio of 7.13, a price-to-earnings-growth ratio of 1.07 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

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

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy's payout ratio is currently 16.33%.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. SkyOak Wealth LLC grew its position in Devon Energy by 4.1% during the second quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company's stock worth $298,000 after buying an additional 250 shares in the last quarter. Riversedge Advisors LLC lifted its position in shares of Devon Energy by 3.6% in the 3rd quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company's stock worth $287,000 after acquiring an additional 253 shares during the period. Modus Advisors LLC grew its holdings in shares of Devon Energy by 2.4% during the 3rd quarter. Modus Advisors LLC now owns 11,439 shares of the energy company's stock worth $447,000 after purchasing an additional 272 shares in the last quarter. Lummis Asset Management LP increased its position in shares of Devon Energy by 1.0% during the second quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company's stock valued at $1,425,000 after purchasing an additional 290 shares during the period. Finally, Hazlett Burt & Watson Inc. raised its stake in shares of Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company's stock valued at $49,000 after purchasing an additional 290 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.