Short Interest in Devon Energy Co. (NYSE:DVN) Expands By 18.7%

Devon Energy Co. (NYSE:DVN) was the recipient of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 22,790,000 shares, an increase of 18.7% from the September 15th total of 19,200,000 shares. Currently, 3.7% of the shares of the company are sold short. Based on an average trading volume of 7,250,000 shares, the days-to-cover ratio is currently 3.1 days.

Analyst Ratings Changes

DVN has been the subject of several recent analyst reports. UBS Group decreased their target price on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Evercore ISI decreased their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Wells Fargo & Company decreased their target price on shares of Devon Energy from $55.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. Wolfe Research initiated coverage on shares of Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Piper Sandler decreased their target price on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Tuesday. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.58.

Devon Energy Price Performance

NYSE:DVN traded down $0.35 during trading hours on Wednesday, reaching $40.85. 3,830,050 shares of the company’s stock were exchanged, compared to its average volume of 7,267,478. The company has a market capitalization of $25.82 billion, a P/E ratio of 7.86, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. Devon Energy has a 12 month low of $37.76 and a 12 month high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The business’s 50-day simple moving average is $42.38 and its two-hundred day simple moving average is $46.47.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period last year, the firm posted $1.18 earnings per share. Sell-side analysts expect that Devon Energy will post 5.01 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.15%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently made changes to their positions in DVN. Triad Wealth Partners LLC purchased a new stake in Devon Energy in the 2nd quarter worth approximately $27,000. Tradewinds Capital Management LLC purchased a new stake in Devon Energy in the 1st quarter worth approximately $30,000. 1620 Investment Advisors Inc. purchased a new stake in Devon Energy in the 2nd quarter worth approximately $34,000. PSI Advisors LLC lifted its position in Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in Devon Energy in the 1st quarter worth approximately $39,000. Hedge funds and other 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.