Devon Energy (NYSE:DVN) Trading Down 0.8% – Here’s What Happened

Shares of Devon Energy Co. (NYSE:DVN) traded down 0.8% on Tuesday . The stock traded as low as $34.92 and last traded at $35.05. 1,281,555 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 9,908,402 shares. The stock had previously closed at $35.33.

Analysts Set New Price Targets

Several analysts have commented on DVN shares. Jefferies Financial Group started coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price target on the stock. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Friday, January 3rd. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research note on Wednesday, January 15th. Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Tuesday, January 14th. Finally, Citigroup lowered their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $49.45.

Devon Energy Stock Performance

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The firm has a market capitalization of $23.02 billion, a PE ratio of 6.50, a price-to-earnings-growth ratio of 1.21 and a beta of 2.00. The company’s fifty day moving average price is $35.00 and its two-hundred day moving average price is $39.64.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating 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 business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the business earned $1.65 EPS. The business’s revenue was up 4.9% on a year-over-year basis. As a group, equities analysts expect that Devon Energy Co. will post 4.7 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Valmark Advisers Inc. lifted its holdings in shares of Devon Energy by 96.3% in the fourth quarter. Valmark Advisers Inc. now owns 10,553 shares of the energy company’s stock valued at $345,000 after purchasing an additional 5,177 shares in the last quarter. MOKAN Wealth Management Inc. acquired a new stake in Devon Energy during the fourth quarter valued at $1,098,000. Palouse Capital Management Inc. grew its stake in Devon Energy by 1.6% in the fourth quarter. Palouse Capital Management Inc. now owns 76,057 shares of the energy company’s stock valued at $2,489,000 after purchasing an additional 1,191 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in Devon Energy in the fourth quarter worth $671,000. Finally, Allworth Financial LP boosted its holdings in Devon Energy by 112.3% in the fourth quarter. Allworth Financial LP now owns 12,906 shares of the energy company’s stock worth $422,000 after purchasing an additional 6,827 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

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.