Devon Energy (NYSE:DVN) Shares Down 0.6% – Here’s Why

Devon Energy Co. (NYSE:DVN) was down 0.6% during trading on Thursday . The stock traded as low as $30.90 and last traded at $31.06. Approximately 2,011,977 shares were traded during trading, a decline of 74% from the average daily volume of 7,765,158 shares. The stock had previously closed at $31.24.

Analysts Set New Price Targets

DVN has been the topic of several recent analyst reports. Piper Sandler lowered their price target on Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Wells Fargo & Company lowered their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. TD Cowen cut their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Susquehanna lowered their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Finally, BMO Capital Markets cut their target price 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. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.05.

Devon Energy Stock Up 0.3 %

The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a market cap of $20.50 billion, a P/E ratio of 5.79, a PEG ratio of 1.10 and a beta of 1.99. The firm has a 50-day simple moving average of $36.64 and a two-hundred day simple moving average of $41.50.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. Devon Energy’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the firm earned $1.65 earnings per share. Equities research analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. William B. Walkup & Associates Inc. acquired a new stake in Devon Energy during the second quarter worth about $1,026,000. Legacy Investment Solutions LLC acquired a new position in Devon Energy during the third quarter valued at approximately $8,002,000. Bridgewater Associates LP bought a new stake in Devon Energy during the third quarter worth $9,426,000. Petrus Trust Company LTA boosted its holdings in shares of Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after purchasing an additional 17,415 shares in the last quarter. Finally, CIBC Asset Management Inc raised its holdings in shares of Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.