Devon Energy (NYSE:DVN) Trading 0.3% Higher

Devon Energy Co. (NYSE:DVN)’s share price rose 0.3% on Thursday . The stock traded as high as $52.15 and last traded at $51.83. Approximately 1,028,874 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 7,987,243 shares. The stock had previously closed at $51.67.

Wall Street Analysts Forecast Growth

DVN has been the subject of several research reports. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $46.00 to $59.00 in a report on Monday, April 1st. Stifel Nicolaus reduced their target price on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Raymond James reduced their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a report on Thursday, March 7th. Finally, Morgan Stanley upped their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.89.

Devon Energy Price Performance

The company has a market cap of $32.69 billion, a price-to-earnings ratio of 8.89 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The company has a 50-day simple moving average of $47.51 and a 200-day simple moving average of $45.82.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business 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 revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.66 EPS. As a group, research analysts predict that Devon Energy Co. will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. AlphaCrest Capital Management LLC acquired a new stake in Devon Energy in the 1st quarter valued at $364,000. Acadian Asset Management LLC acquired a new stake in Devon Energy in the 1st quarter valued at $188,000. Blair William & Co. IL increased its holdings in Devon Energy by 52.1% in the 1st quarter. Blair William & Co. IL now owns 99,120 shares of the energy company’s stock valued at $5,861,000 after purchasing an additional 33,936 shares in the last quarter. Sei Investments Co. increased its holdings in Devon Energy by 9.2% in the 1st quarter. Sei Investments Co. now owns 414,354 shares of the energy company’s stock valued at $24,500,000 after purchasing an additional 34,870 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in Devon Energy in the 1st quarter valued at $26,000. 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.