Devon Energy (NYSE:DVN) Shares Up 1.4% - Here's What Happened

Devon Energy Co. (NYSE:DVN - Get Free Report) shot up 1.4% on Friday . The company traded as high as $30.96 and last traded at $30.95. 3,562,759 shares changed hands during trading, a decline of 53% from the average session volume of 7,655,170 shares. The stock had previously closed at $30.52.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on DVN shares. Susquehanna decreased their price objective on Devon Energy from $63.00 to $62.00 and set a "positive" rating for the company in a report on Friday, October 18th. Citigroup decreased their price target on Devon Energy from $55.00 to $48.00 and set a "buy" rating for the company in a report on Tuesday, November 26th. TD Cowen dropped their price objective on shares of Devon Energy from $54.00 to $46.00 and set a "hold" rating on the stock in a research note on Tuesday, November 5th. Raymond James decreased their target price on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Finally, Piper Sandler lowered their price target on shares of Devon Energy from $57.00 to $53.00 and set an "overweight" rating on the stock in a report on Tuesday. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $50.05.

Devon Energy Price Performance

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 stock's 50 day simple moving average is $37.89 and its two-hundred day simple moving average is $42.16. The firm has a market capitalization of $20.21 billion, a PE ratio of 5.71, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $3.72 billion. During the same quarter in the previous year, the company posted $1.65 earnings per share. The firm's revenue for the quarter was up 4.9% compared to the same quarter last year. On average, sell-side analysts forecast that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy's dividend payout ratio is currently 16.33%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors have recently bought and sold shares of the company. William B. Walkup & Associates Inc. acquired a new stake in shares of Devon Energy during the 2nd quarter worth approximately $1,026,000. Legacy Investment Solutions LLC purchased a new position in Devon Energy in the third quarter worth approximately $8,002,000. Bridgewater Associates LP acquired a new stake in Devon Energy during the third quarter worth $9,426,000. Petrus Trust Company LTA raised its position in Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company's stock valued at $854,000 after purchasing an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc raised its position in Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company's stock valued at $4,193,000 after purchasing an additional 6,358 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.