Devon Energy Target of Unusually Large Options Trading (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) was the target of unusually large options trading on Monday. Traders bought 45,020 call options on the company. This represents an increase of 35% compared to the typical volume of 33,241 call options.

Devon Energy Stock Performance

DVN opened at $37.22 on Wednesday. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09. The company has a market capitalization of $24.45 billion, a price-to-earnings ratio of 6.91, a price-to-earnings-growth ratio of 1.07 and a beta of 2.00. The business has a 50 day moving average price of $35.58 and a two-hundred day moving average price of $40.49. 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 announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the firm posted $1.65 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. Research analysts predict that Devon Energy will post 4.79 EPS for the current fiscal 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 of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.36%. Devon Energy’s payout ratio is currently 16.33%.

Analysts Set New Price Targets

DVN has been the topic of several research reports. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Friday, January 3rd. Raymond James dropped their target price on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Truist Financial decreased their price target on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a report on Monday. Jefferies Financial Group assumed coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective on the stock. Finally, Wells Fargo & Company cut their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Ten investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.18.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its stake in shares of Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after acquiring an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy during the third quarter valued at $461,857,000. Pacer Advisors Inc. boosted its position in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the period. EnCap Partners GP LLC purchased a new position in Devon Energy in the 3rd quarter worth about $408,653,000. Finally, Victory Capital Management Inc. raised its holdings in Devon Energy by 3.8% during the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after buying an additional 361,968 shares during the period. Institutional investors and hedge funds 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.