Devon Energy (NYSE:DVN) Stock Price Down 1.6%

Devon Energy Co. (NYSE:DVN)’s stock price was down 1.6% during mid-day trading on Tuesday . The stock traded as low as $51.55 and last traded at $51.83. Approximately 2,242,030 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 8,040,615 shares. The stock had previously closed at $52.68.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on DVN shares. JPMorgan Chase & Co. upped their price objective on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Mizuho reduced their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, January 11th. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Piper Sandler reduced their target price on Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 24th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a research report on Thursday, March 7th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.89.

Devon Energy Trading Down 1.0 %

The firm has a market capitalization of $32.81 billion, a PE ratio of 8.86 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The firm has a fifty day moving average of $47.51 and a 200 day moving average of $45.82.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the firm posted $1.66 EPS. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. Equities research analysts expect that Devon Energy Co. will post 5.14 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.41%. Devon Energy’s dividend payout ratio is currently 15.09%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in Devon Energy by 6.2% during the 1st quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock valued at $715,360,000 after purchasing an additional 823,626 shares during the period. Morgan Stanley raised its stake in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after acquiring an additional 2,220,194 shares in the last quarter. Victory Capital Management Inc. raised its stake in Devon Energy by 0.8% during 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 acquiring an additional 68,339 shares in the last quarter. Raymond James & Associates raised its stake in Devon Energy by 5.0% during the 3rd quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after acquiring an additional 402,055 shares in 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 valued at $435,881,000 after acquiring an additional 99,059 shares in the last quarter. 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.