Devon Energy Sees Unusually High Options Volume (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) was the target of some unusual options trading on Thursday. Traders acquired 113,951 call options on the company. This represents an increase of 1,377% compared to the typical volume of 7,713 call options.

DVN has been the topic of a number of research analyst reports. Zacks Investment Research cut shares of Devon Energy from a “buy” rating to a “hold” rating and set a $29.00 price target on the stock. in a research report on Tuesday, May 18th. Northland Securities upped their price target on shares of Devon Energy from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Wednesday, May 5th. Barclays increased their price objective on shares of Devon Energy from $27.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, June 3rd. Truist increased their price objective on shares of Devon Energy from $30.00 to $35.00 in a research report on Monday, March 8th. Finally, Johnson Rice raised shares of Devon Energy from an “accumulate” rating to a “buy” rating and set a $37.00 price objective on the stock in a research report on Monday, March 15th. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. Devon Energy presently has an average rating of “Buy” and a consensus price target of $26.51.

In other Devon Energy news, EVP Dennis C. Cameron sold 9,632 shares of the company’s stock in a transaction on Thursday, June 3rd. The shares were sold at an average price of $31.26, for a total transaction of $301,096.32. Following the sale, the executive vice president now owns 316,658 shares of the company’s stock, valued at $9,898,729.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jeremy D. Humphers sold 1,500 shares of the company’s stock in a transaction on Tuesday, June 1st. The shares were sold at an average price of $29.78, for a total transaction of $44,670.00. Following the sale, the chief accounting officer now directly owns 49,031 shares in the company, valued at approximately $1,460,143.18. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company’s stock.

A number of large investors have recently made changes to their positions in DVN. Xponance Inc. lifted its holdings in shares of Devon Energy by 3.2% during the 4th quarter. Xponance Inc. now owns 16,467 shares of the energy company’s stock worth $260,000 after acquiring an additional 507 shares during the last quarter. Blume Capital Management Inc. raised its position in Devon Energy by 50.9% in the 1st quarter. Blume Capital Management Inc. now owns 1,735 shares of the energy company’s stock worth $38,000 after purchasing an additional 585 shares during the period. Heritage Trust Co raised its position in Devon Energy by 1.0% in the 4th quarter. Heritage Trust Co now owns 59,426 shares of the energy company’s stock worth $939,000 after purchasing an additional 612 shares during the period. Personal CFO Solutions LLC raised its position in Devon Energy by 4.4% in the 4th quarter. Personal CFO Solutions LLC now owns 15,157 shares of the energy company’s stock worth $240,000 after purchasing an additional 634 shares during the period. Finally, Massmutual Trust Co. FSB ADV raised its position in Devon Energy by 42.4% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 2,211 shares of the energy company’s stock worth $48,000 after purchasing an additional 658 shares during the period. 82.99% of the stock is owned by hedge funds and other institutional investors.

Shares of DVN stock opened at $29.39 on Friday. The business’s 50 day moving average is $25.05. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.18 and a current ratio of 1.18. Devon Energy has a 12-month low of $7.73 and a 12-month high of $31.99. The stock has a market cap of $19.89 billion, a price-to-earnings ratio of -14.84, a P/E/G ratio of 0.78 and a beta of 3.34.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, May 4th. The energy company reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.10. Devon Energy had a negative net margin of 14.46% and a positive return on equity of 4.86%. The company had revenue of $1.76 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same quarter last year, the business posted $0.06 EPS. Equities research analysts anticipate that Devon Energy will post 2.17 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30th. Investors of record on Monday, June 14th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, May 13th. This is an increase from Devon Energy’s previous quarterly dividend of $0.11. This represents a $1.36 annualized dividend and a yield of 4.63%. Devon Energy’s dividend payout ratio (DPR) is -488.89%.

About Devon Energy

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. It operates approximately 3,942 gross wells. Devon Energy Corporation was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

Further Reading: Monthly Dividend Stocks

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