Devon Energy (NYSE:DVN) Trading Down 2.7%

Devon Energy Co. (NYSE:DVN)’s share price dropped 2.7% on Monday . The stock traded as low as $45.70 and last traded at $45.74. Approximately 3,021,440 shares were traded during trading, a decline of 58% from the average daily volume of 7,254,576 shares. The stock had previously closed at $47.03.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on DVN shares. Piper Sandler upped their price objective on Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, May 14th. StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a report on Tuesday. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Scotiabank upped their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a research note on Tuesday. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $59.41.

Devon Energy Price Performance

The company has a 50 day simple moving average of $48.03 and a 200 day simple moving average of $47.03. The company has a market capitalization of $29.01 billion, a price-to-earnings ratio of 8.77, a price-to-earnings-growth ratio of 1.23 and a beta of 2.07. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 EPS. As a group, research analysts predict that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.92%. Devon Energy’s payout ratio is 16.79%.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.73% of the stock is owned by insiders.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently added to or reduced their stakes in DVN. Integrated Advisors Network LLC grew its position in shares of Devon Energy by 8.2% during the third quarter. Integrated Advisors Network LLC now owns 18,809 shares of the energy company’s stock worth $897,000 after buying an additional 1,422 shares in the last quarter. Diversified Trust Co grew its holdings in Devon Energy by 44.1% during the 3rd quarter. Diversified Trust Co now owns 8,642 shares of the energy company’s stock worth $412,000 after acquiring an additional 2,644 shares in the last quarter. Graham Capital Management L.P. bought a new stake in shares of Devon Energy in the 3rd quarter worth about $285,000. Public Sector Pension Investment Board raised its stake in shares of Devon Energy by 11.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 149,309 shares of the energy company’s stock valued at $7,122,000 after purchasing an additional 15,284 shares in the last quarter. Finally, ASB Consultores LLC bought a new position in shares of Devon Energy during the third quarter worth about $206,000. 69.72% of the stock is owned by institutional investors and hedge funds.

About Devon Energy

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.