Devon Energy (NYSE:DVN) Shares Down 2.2% – Here’s Why

Shares of Devon Energy Co. (NYSE:DVN) fell 2.2% on Thursday . The company traded as low as $33.95 and last traded at $33.98. 2,987,581 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 7,506,387 shares. The stock had previously closed at $34.76.

Analyst Ratings Changes

Several analysts recently weighed in on DVN shares. Piper Sandler lifted their price target on shares of Devon Energy from $56.00 to $57.00 and gave the company an “overweight” rating in a report on Monday, November 18th. StockNews.com lowered shares of Devon Energy from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Barclays decreased their price target 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. Raymond James lowered their price objective on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Finally, Wells Fargo & Company decreased their target price on Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $50.75.

Devon Energy Stock Down 1.2 %

The company has a market cap of $22.55 billion, a P/E ratio of 6.30, a P/E/G ratio of 1.11 and a beta of 1.99. The company’s 50-day moving average is $39.07 and its two-hundred day moving average is $42.78. 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the firm posted $1.65 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. As a group, equities analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.56%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds have recently bought and sold shares of DVN. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy in the 2nd quarter worth about $27,000. 1620 Investment Advisors Inc. purchased a new stake in Devon Energy during the second quarter valued at approximately $34,000. Capital Performance Advisors LLP purchased a new stake in Devon Energy during the third quarter valued at approximately $35,000. PSI Advisors LLC lifted its stake in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Devon Energy in the 3rd 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.