Devon Energy (NYSE:DVN) Trading Down 0.1% – Here’s What Happened

Devon Energy Co. (NYSE:DVN)’s stock price traded down 0.1% during trading on Thursday . The company traded as low as $35.06 and last traded at $35.03. 991,329 shares traded hands during trading, a decline of 90% from the average session volume of 9,595,735 shares. The stock had previously closed at $35.07.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of recent research reports. Susquehanna decreased their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Truist Financial cut their target price on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a research report on Monday, January 13th. JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research report on Thursday, December 5th. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research note on Wednesday, January 15th. Finally, Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Friday, January 3rd. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.45.

Devon Energy Stock Performance

The stock’s 50 day moving average is $34.89 and its two-hundred day moving average is $39.54. The stock has a market capitalization of $22.39 billion, a price-to-earnings ratio of 6.32, a price-to-earnings-growth ratio of 1.10 and a beta of 2.00. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the firm earned $1.65 EPS. Devon Energy’s revenue for the quarter was up 4.9% compared to the same quarter last year. Analysts expect that Devon Energy Co. will post 4.68 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Bridgewater Associates LP acquired a new position in shares of Devon Energy during the 3rd quarter worth about $9,426,000. Legacy Investment Solutions LLC acquired a new position in Devon Energy during the third quarter valued at approximately $8,002,000. Petrus Trust Company LTA grew its stake in Devon Energy by 394.7% in the third 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. CIBC Asset Management Inc increased its position 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 purchasing an additional 6,358 shares during the last quarter. Finally, Smead Capital Management Inc. increased its holdings in Devon Energy by 3.5% during the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after buying an additional 198,193 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

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.