Devon Energy (NYSE:DVN) Sets New 52-Week High at $64.43

Shares of Devon Energy Co. (NYSE:DVN – Get Rating) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $64.43 and last traded at $63.70, with a volume of 81818 shares changing hands. The stock had previously closed at $63.54.

DVN has been the subject of a number of recent research reports. Raymond James increased their price objective on shares of Devon Energy from $65.00 to $70.00 and gave the company a “strong-buy” rating in a research note on Tuesday, February 22nd. Wells Fargo & Company increased their price objective on shares of Devon Energy from $53.00 to $73.00 and gave the company an “overweight” rating in a research note on Monday, March 14th. Barclays increased their target price on shares of Devon Energy from $51.00 to $73.00 in a research report on Friday, March 18th. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Thursday, April 14th. Finally, Bank of America cut shares of Devon Energy from a “buy” rating to a “neutral” rating and increased their target price for the stock from $50.00 to $57.00 in a research report on Monday, January 10th. Six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $58.67.

The company has a market cap of $41.90 billion, a P/E ratio of 15.27, a price-to-earnings-growth ratio of 0.16 and a beta of 2.79. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.69. The firm’s 50 day moving average price is $58.09 and its 200-day moving average price is $49.06.

Devon Energy (NYSE:DVN – Get Rating) last issued its earnings results on Tuesday, February 15th. The energy company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.18. The company had revenue of $4.27 billion for the quarter, compared to analyst estimates of $3.56 billion. Devon Energy had a net margin of 23.60% and a return on equity of 26.76%. Analysts predict that Devon Energy Co. will post 7.61 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 31st. Stockholders of record on Monday, March 14th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 6.34%. The ex-dividend date was Friday, March 11th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.84. Devon Energy’s dividend payout ratio (DPR) is 95.92%.

In related news, EVP Dennis C. Cameron sold 8,626 shares of the business’s stock in a transaction that occurred on Tuesday, February 22nd. The shares were sold at an average price of $53.68, for a total transaction of $463,043.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ann G. Fox sold 9,027 shares of the business’s stock in a transaction that occurred on Friday, March 4th. The shares were sold at an average price of $58.67, for a total transaction of $529,614.09. The disclosure for this sale can be found here. Insiders sold a total of 164,251 shares of company stock worth $9,827,922 in the last ninety days. Insiders own 0.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of DVN. GQG Partners LLC boosted its holdings in shares of Devon Energy by 87,102.0% in the third quarter. GQG Partners LLC now owns 13,912,210 shares of the energy company’s stock valued at $493,965,000 after buying an additional 13,896,256 shares during the period. Boston Partners boosted its holdings in shares of Devon Energy by 174.3% in the fourth quarter. Boston Partners now owns 5,691,104 shares of the energy company’s stock valued at $250,767,000 after buying an additional 3,616,599 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $139,113,000. 1832 Asset Management L.P. boosted its holdings in shares of Devon Energy by 101.4% in the fourth quarter. 1832 Asset Management L.P. now owns 5,346,149 shares of the energy company’s stock valued at $235,861,000 after buying an additional 2,691,049 shares during the period. Finally, Lord Abbett & CO. LLC boosted its holdings in shares of Devon Energy by 183.0% in the third quarter. Lord Abbett & CO. LLC now owns 3,961,560 shares of the energy company’s stock valued at $140,675,000 after buying an additional 2,561,560 shares during the period. Hedge funds and other institutional investors own 88.11% of the company’s stock.

About Devon Energy (NYSE:DVN)

Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.

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