Devon Energy (NYSE:DVN) Trading Down 1.9%

Devon Energy Co. (NYSE:DVN)’s stock price traded down 1.9% on Tuesday . The stock traded as low as $51.77 and last traded at $52.09. 1,665,242 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 7,743,273 shares. The stock had previously closed at $53.08.

Wall Street Analyst Weigh In

DVN has been the subject of a number of recent analyst reports. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a report on Thursday, March 7th. Mizuho raised their target price on Devon Energy from $53.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday. Citigroup upped their price target on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. UBS Group boosted their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Finally, Susquehanna increased their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.56.

Devon Energy Stock Down 0.1 %

The business has a 50-day simple moving average of $49.36 and a 200-day simple moving average of $46.27. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The company has a market cap of $31.97 billion, a price-to-earnings ratio of 8.74 and a beta of 2.16.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter last year, the company earned $1.46 earnings per share. The firm’s revenue was down 5.9% compared to the same quarter last year. On average, equities analysts anticipate that Devon Energy Co. will post 5.28 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.75%. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Hedge Funds Weigh In On Devon Energy

Several large investors have recently bought and sold shares of the business. Morgan Stanley lifted its position in shares of Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares during the last quarter. Raymond James & Associates increased its position in Devon Energy by 8.9% in the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after acquiring an additional 736,449 shares during the period. Victory Capital Management Inc. raised its stake in shares of Devon Energy by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after purchasing an additional 68,339 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after acquiring an additional 1,488,374 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of Devon Energy by 1.2% in the third quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock valued at $323,145,000 after acquiring an additional 82,607 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.