Devon Energy (NYSE:DVN) Shares Down 0.9%

Devon Energy Co. (NYSE:DVN) shares traded down 0.9% during mid-day trading on Wednesday . The company traded as low as $51.55 and last traded at $52.18. 6,991,359 shares traded hands during mid-day trading, a decline of 0% from the average session volume of 7,013,805 shares. The stock had previously closed at $52.68.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of recent research reports. Scotiabank lifted their price target on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a report on Thursday, March 7th. Piper Sandler cut their price target on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a report on Wednesday, January 24th. JPMorgan Chase & Co. increased their price objective on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Finally, Truist Financial cut their target price on Devon Energy from $69.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, April 5th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $57.89.

Devon Energy Stock Performance

The stock has a market capitalization of $32.66 billion, a price-to-earnings ratio of 8.82 and a beta of 2.19. The company has a 50 day simple moving average of $47.69 and a 200-day simple moving average of $45.86. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last released its earnings results 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. The company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. Devon Energy’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.66 EPS. As a group, equities research analysts expect that Devon Energy Co. will post 5.14 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders 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 dividend yield of 3.42%. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its stake in Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after acquiring an additional 5,700,167 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Devon Energy by 96.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,608,577 shares of the energy company’s stock worth $344,984,000 after purchasing an additional 2,752,752 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Devon Energy in the 3rd quarter valued at $113,793,000. Morgan Stanley increased 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 purchasing an additional 2,220,194 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in Devon Energy by 3,885.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after buying an additional 1,652,671 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

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.