Devon Energy (NYSE:DVN) Trading Down 2.7%

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Citigroup increased their price target on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Barclays initiated coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target on the stock. Piper Sandler boosted their price objective on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, May 14th. Finally, StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Tuesday. Four investment 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 MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $59.41.

Devon Energy Stock Performance

The firm has a 50 day moving average price of $48.03 and a 200-day moving average price of $47.03. The stock has a market capitalization of $29.01 billion, a PE ratio of 8.77, a PEG 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 released its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the prior year, the firm earned $1.46 EPS. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. Research analysts expect that Devon Energy Co. will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

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

Insider Activity

In other news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors have recently modified their holdings of the business. Manchester Capital Management LLC acquired a new stake in Devon Energy in the fourth quarter valued at approximately $28,000. Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy during the 1st quarter valued at approximately $30,000. Sound Income Strategies LLC lifted its position in shares of Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares in the last quarter. Rise Advisors LLC grew its stake in Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after acquiring an additional 669 shares during the period. Finally, Jones Financial Companies Lllp increased its holdings in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.