Devon Energy (NYSE:DVN) Stock Price Down 1.2% – Here’s What Happened

Devon Energy Co. (NYSE:DVN)’s stock price was down 1.2% on Monday . The company traded as low as $37.72 and last traded at $37.98. Approximately 9,342,292 shares were traded during mid-day trading, a decline of 13% from the average daily volume of 10,750,120 shares. The stock had previously closed at $38.42.

Analyst Ratings Changes

DVN has been the topic of several recent research reports. Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Tuesday, January 14th. Mizuho dropped their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Citigroup reduced their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. BMO Capital Markets lowered their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Finally, Wells Fargo & Company decreased their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $49.27.

Devon Energy Trading Down 1.2 %

The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The business has a 50-day simple moving average of $35.48 and a 200-day simple moving average of $40.21. The company has a market cap of $24.95 billion, a PE ratio of 7.05, a price-to-earnings-growth ratio of 1.14 and a beta of 2.00.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results 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 analyst estimates of $3.72 billion. During the same period in the prior year, the firm earned $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, analysts predict that Devon Energy Co. will post 4.72 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. EnCap Energy Capital Fund XI L.P. acquired a new stake in Devon Energy during the 3rd quarter worth $461,857,000. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy during the third quarter worth about $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new stake in shares of Devon Energy in the 3rd quarter valued at about $230,928,000. International Assets Investment Management LLC boosted its position in shares of 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 valued at $89,231,000 after purchasing an additional 2,226,983 shares during the period. Finally, Pacer Advisors Inc. increased its position 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 worth $453,446,000 after buying an additional 1,677,652 shares during the period. Institutional investors and hedge funds 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.