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

Devon Energy Co. (NYSE:DVN) dropped 0.1% during mid-day trading on Thursday . The stock traded as low as $35.06 and last traded at $35.03. Approximately 991,329 shares traded hands during trading, a decline of 90% from the average daily volume of 9,595,735 shares. The stock had previously closed at $35.07.

Wall Street Analyst Weigh In

Several research analysts have recently commented on DVN shares. BMO Capital Markets decreased their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Barclays lowered their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Citigroup reduced their price target on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Piper Sandler increased their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Mizuho decreased their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.45.

Devon Energy Stock Down 0.1 %

The firm has a market capitalization of $23.02 billion, a P/E ratio of 6.50, a PEG ratio of 1.21 and a beta of 2.00. The firm’s fifty day moving average price is $35.07 and its 200-day moving average price is $39.67. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping 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 company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the business earned $1.65 EPS. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, equities research analysts forecast that Devon Energy Co. will post 4.7 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.51%. Devon Energy’s payout ratio is currently 16.33%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. EnCap Energy Capital Fund XI L.P. purchased a new stake in Devon Energy in the 3rd quarter worth approximately $461,857,000. EnCap Partners GP LLC bought a new stake in shares of Devon Energy during the 3rd quarter worth $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in Devon Energy in the 3rd quarter valued at $230,928,000. International Assets Investment Management LLC raised its holdings in Devon Energy by 4,125.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after acquiring an additional 2,226,983 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares during the period. 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.