Devon Energy (NYSE:DVN) Shares Down 6.8%

Devon Energy Corp (NYSE:DVN)’s share price traded down 6.8% during mid-day trading on Thursday . The company traded as low as $24.83 and last traded at $25.16, 9,656,080 shares traded hands during mid-day trading. An increase of 37% from the average session volume of 7,047,250 shares. The stock had previously closed at $27.00.

A number of equities research analysts have issued reports on the stock. Zacks Investment Research raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $37.00 price target on the stock in a report on Thursday, April 18th. Royal Bank of Canada set a $42.00 price target on shares of Devon Energy and gave the stock a “hold” rating in a report on Thursday, May 2nd. Morgan Stanley cut their price target on shares of Devon Energy from $32.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Goldman Sachs Group reissued a “sell” rating and issued a $25.50 price target on shares of Devon Energy in a report on Tuesday, July 23rd. Finally, Piper Jaffray Companies set a $39.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a report on Friday, May 31st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $41.28.

The firm has a 50-day moving average price of $27.22. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $10.39 billion, a PE ratio of 19.40, a PEG ratio of 2.62 and a beta of 2.27.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, April 30th. The energy company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.06. Devon Energy had a net margin of 29.33% and a return on equity of 7.12%. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $2.52 billion. During the same period last year, the company posted $0.20 EPS. On average, research analysts expect that Devon Energy Corp will post 1.33 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.36 dividend on an annualized basis and a yield of 1.44%. Devon Energy’s dividend payout ratio (DPR) is currently 27.91%.

In related news, CAO Jeremy D. Humphers sold 4,000 shares of Devon Energy stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $25.40, for a total transaction of $101,600.00. Following the completion of the transaction, the chief accounting officer now directly owns 81,914 shares of the company’s stock, valued at approximately $2,080,615.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.63% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC lifted its position in Devon Energy by 1.6% during the 4th quarter. FMR LLC now owns 11,817,254 shares of the energy company’s stock valued at $266,361,000 after acquiring an additional 183,453 shares during the period. Victory Capital Management Inc. raised its holdings in Devon Energy by 0.6% in the first quarter. Victory Capital Management Inc. now owns 7,465,560 shares of the energy company’s stock worth $235,613,000 after buying an additional 41,004 shares during the last quarter. Geode Capital Management LLC raised its holdings in Devon Energy by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 6,558,033 shares of the energy company’s stock worth $147,570,000 after buying an additional 242,508 shares during the last quarter. Norges Bank purchased a new position in Devon Energy in the fourth quarter worth about $109,799,000. Finally, Clearbridge Investments LLC raised its holdings in Devon Energy by 15.8% in the first quarter. Clearbridge Investments LLC now owns 3,488,973 shares of the energy company’s stock worth $110,112,000 after buying an additional 476,337 shares during the last quarter. 84.20% of the stock is owned by institutional investors.

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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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