Shares of Devon Energy Co. (NYSE:DVN – Get Free Report) shot up 1.3% during mid-day trading on Thursday . The company traded as high as $35.20 and last traded at $35.15. 10,934,483 shares were traded during mid-day trading, an increase of 3% from the average session volume of 10,595,410 shares. The stock had previously closed at $34.69.
Analyst Ratings Changes
A number of brokerages have recently issued reports on DVN. BMO Capital Markets dropped their price objective on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Piper Sandler dropped their target price on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price for the company. in a research report on Thursday, December 5th. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Friday, January 3rd. Finally, Barclays decreased their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $49.81.
Check Out Our Latest Research Report on Devon Energy
Devon Energy Stock Performance
Devon Energy (NYSE:DVN – Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the business posted $1.65 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. Research analysts expect that Devon Energy Co. will post 4.79 EPS for the current fiscal year.
Devon Energy Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.50%. Devon Energy’s payout ratio is presently 16.33%.
Institutional Inflows and Outflows
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% in the second quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock worth $298,000 after acquiring an additional 250 shares in the last quarter. Riversedge Advisors LLC lifted its stake in Devon Energy by 3.6% in the third quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock worth $287,000 after purchasing an additional 253 shares during the last quarter. Modus Advisors LLC lifted its stake in Devon Energy by 2.4% in the third quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock worth $447,000 after purchasing an additional 272 shares during the last quarter. Coldstream Capital Management Inc. lifted its stake in Devon Energy by 1.6% in the second quarter. Coldstream Capital Management Inc. now owns 17,816 shares of the energy company’s stock worth $844,000 after purchasing an additional 279 shares during the last quarter. Finally, Lummis Asset Management LP lifted its stake in Devon Energy by 1.0% in the second quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company’s stock worth $1,425,000 after purchasing an additional 290 shares during the last quarter. Institutional investors and hedge funds 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.
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