Devon Energy Co. (NYSE:DVN) Short Interest Down 7.5% in June

Devon Energy Co. (NYSE:DVN) saw a significant decrease in short interest in June. As of June 30th, there was short interest totalling 15,710,000 shares, a decrease of 7.5% from the June 15th total of 16,980,000 shares. Based on an average daily volume of 6,460,000 shares, the short-interest ratio is presently 2.4 days. Approximately 2.5% of the shares of the stock are sold short.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.73% of the company’s stock.

Institutional Trading of Devon Energy

Several institutional investors have recently made changes to their positions in the stock. Creekmur Asset Management LLC bought a new position in Devon Energy during the fourth quarter valued at approximately $791,000. Wahed Invest LLC raised its position in Devon Energy by 6.3% during the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after acquiring an additional 648 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in Devon Energy by 39.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock valued at $9,008,000 after acquiring an additional 55,459 shares in the last quarter. Tradewinds Capital Management LLC bought a new position in Devon Energy during the first quarter valued at approximately $30,000. Finally, L. Roy Papp & Associates LLP bought a new position in Devon Energy during the fourth quarter valued at approximately $287,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Devon Energy stock traded up $0.22 during trading hours on Thursday, hitting $48.87. 887,430 shares of the company traded hands, compared to its average volume of 7,237,725. The firm has a market cap of $30.89 billion, a P/E ratio of 9.28, a P/E/G ratio of 1.25 and a beta of 2.07. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The firm’s 50-day simple moving average is $47.63 and its two-hundred day simple moving average is $47.07. Devon Energy has a 1-year low of $40.47 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the firm posted $1.46 EPS. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. As a group, analysts forecast that Devon Energy will post 5.36 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.80%. The ex-dividend date was Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on DVN shares. UBS Group boosted their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Piper Sandler boosted their price objective on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, May 14th. Truist Financial dropped their price target on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Finally, Scotiabank dropped their price target on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Five analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $59.25.

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.