Devon Energy (DVN) Trading Up 6.4%

Devon Energy Corp (NYSE:DVN) shares rose 6.4% during trading on Monday . The stock traded as high as $29.18 and last traded at $28.77. Approximately 11,778,979 shares were traded during mid-day trading, an increase of 63% from the average daily volume of 7,205,661 shares. The stock had previously closed at $27.03.

DVN has been the topic of several recent analyst reports. Jefferies Financial Group set a $52.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research note on Friday, August 10th. Royal Bank of Canada reduced their price target on shares of Devon Energy from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Thursday, November 8th. Piper Jaffray Companies raised shares of Devon Energy from a “neutral” rating to an “overweight” rating in a research note on Thursday, September 27th. Morgan Stanley reduced their price target on shares of Devon Energy from $45.00 to $44.00 and set a “hold” rating on the stock in a research note on Wednesday, September 26th. Finally, Cowen initiated coverage on shares of Devon Energy in a research note on Thursday. They issued a “market perform” rating on the stock. Nine research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Devon Energy currently has an average rating of “Buy” and a consensus target price of $47.95.

The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.65. The stock has a market cap of $12.66 billion, a P/E ratio of 45.48, a PEG ratio of 1.38 and a beta of 2.27.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 6th. The energy company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.21. The business had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.61 billion. Devon Energy had a net margin of 16.62% and a return on equity of 6.40%. The company’s revenue for the quarter was up 33.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.46 EPS. Analysts anticipate that Devon Energy Corp will post 1.57 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date is Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is 50.79%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. increased its position in Devon Energy by 18.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,696 shares of the energy company’s stock valued at $382,000 after purchasing an additional 1,382 shares during the period. Aperio Group LLC grew its position in shares of Devon Energy by 0.7% in the 3rd quarter. Aperio Group LLC now owns 220,582 shares of the energy company’s stock worth $8,810,000 after buying an additional 1,574 shares during the last quarter. Financial Architects Inc grew its position in shares of Devon Energy by 168.5% in the 2nd quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock worth $119,000 after buying an additional 1,700 shares during the last quarter. Dupont Capital Management Corp grew its position in shares of Devon Energy by 37.6% in the 2nd quarter. Dupont Capital Management Corp now owns 6,413 shares of the energy company’s stock worth $282,000 after buying an additional 1,753 shares during the last quarter. Finally, Hartford Investment Management Co. grew its position in shares of Devon Energy by 2.7% in the 3rd quarter. Hartford Investment Management Co. now owns 66,688 shares of the energy company’s stock worth $2,664,000 after buying an additional 1,759 shares during the last quarter. 82.99% of the stock is currently owned by institutional investors and hedge funds.

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About Devon Energy (NYSE:DVN)

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

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