Devon Energy (NYSE:DVN) Trading Down 0.4%

Devon Energy Co. (NYSE:DVN) was down 0.4% during mid-day trading on Monday . The stock traded as low as $53.21 and last traded at $53.22. Approximately 1,747,502 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 8,035,641 shares. The stock had previously closed at $53.42.

Analysts Set New Price Targets

Several research firms recently weighed in on DVN. Stifel Nicolaus reduced their price target on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Raymond James decreased their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Mizuho dropped their price target on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, January 11th. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $46.00 to $59.00 in a report on Monday, April 1st. Finally, Scotiabank upped their target price on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.89.

Devon Energy Stock Down 0.9 %

The firm has a market cap of $33.14 billion, a PE ratio of 8.95 and a beta of 2.19. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average price of $47.30 and a two-hundred day moving average price of $45.78.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the business earned $1.66 EPS. Devon Energy’s revenue was down 3.6% on a year-over-year basis. On average, equities research analysts expect that Devon Energy Co. will post 5.02 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.37%. Devon Energy’s payout ratio is currently 15.09%.

Institutional Trading of Devon Energy

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC lifted its stake in Devon Energy by 6.2% during the first quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after purchasing an additional 823,626 shares during the last quarter. Morgan Stanley lifted its position in shares of Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Devon Energy by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after buying an additional 68,339 shares in the last quarter. Raymond James & Associates grew its position in shares of Devon Energy by 5.0% in the 3rd quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after buying an additional 402,055 shares during the last quarter. Finally, Northern Trust Corp raised its stake in Devon Energy by 1.4% during the 1st quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock worth $435,881,000 after acquiring an additional 99,059 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other 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.