Devon Energy (NYSE:DVN) Stock Price Down 0.6%

Devon Energy Co. (NYSE:DVN)’s share price traded down 0.6% during mid-day trading on Friday . The company traded as low as $52.11 and last traded at $52.28. 1,436,260 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 7,816,537 shares. The stock had previously closed at $52.61.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Piper Sandler lifted their price target on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Truist Financial boosted their target price on Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Monday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. Stifel Nicolaus boosted their price target on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Morgan Stanley upped their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Stock Performance

The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm’s fifty day moving average price is $48.70 and its two-hundred day moving average price is $46.13. The stock has a market capitalization of $33.48 billion, a PE ratio of 9.04 and a beta of 2.19.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period last year, the firm earned $1.66 EPS. As a group, equities research analysts forecast that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.34%. Devon Energy’s dividend payout ratio is currently 15.09%.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently added to or reduced their stakes in DVN. Morgan Stanley raised its position in shares of Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares during the last quarter. Raymond James & Associates raised its holdings in shares of Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after acquiring an additional 736,449 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after acquiring an additional 68,339 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Devon Energy by 26.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after acquiring an additional 1,488,374 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Devon Energy by 1.2% during the third quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock worth $323,145,000 after purchasing an additional 82,607 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.