Devon Energy (NYSE:DVN) Sees Unusually-High Trading Volume – Time to Buy?

Devon Energy Co. (NYSE:DVN) saw unusually-high trading volume on Thursday . Approximately 12,562,869 shares changed hands during trading, an increase of 72% from the previous session’s volume of 7,309,508 shares.The stock last traded at $39.87 and had previously closed at $40.69.

Analysts Set New Price Targets

DVN has been the topic of a number of research analyst reports. Wells Fargo & Company reiterated a “sector outperform” rating on shares of Devon Energy in a report on Friday. Scotiabank lowered their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. BMO Capital Markets lowered their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Jefferies Financial Group began coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price on the stock. Finally, Evercore ISI lowered their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $52.53.

Devon Energy Stock Performance

The company has a market capitalization of $25.70 billion, a P/E ratio of 7.76, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. The firm has a 50 day moving average price of $42.15 and a two-hundred day moving average price of $46.32. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period in the prior year, the company posted $1.18 EPS. The company’s revenue was up 13.4% compared to the same quarter last year. On average, research analysts expect that Devon Energy Co. will post 5.01 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.16%. Devon Energy’s dividend payout ratio is currently 16.79%.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently bought and sold shares of DVN. Vanguard Group Inc. grew its position in Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares during the last quarter. Pacer Advisors Inc. boosted its position in Devon Energy by 16.8% in the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after buying an additional 1,428,776 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in Devon Energy by 7,165.6% in the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after buying an additional 1,357,311 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after buying an additional 1,255,543 shares during the last quarter. Finally, National Bank of Canada FI boosted its position in Devon Energy by 447.6% in the 2nd quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock valued at $56,299,000 after buying an additional 964,147 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Company Profile

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.