Devon Energy Co. (NYSE:DVN) Short Interest Update

Devon Energy Co. (NYSE:DVN) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 19,200,000 shares, an increase of 9.5% from the August 31st total of 17,540,000 shares. Approximately 3.1% of the shares of the stock are sold short. Based on an average trading volume of 6,620,000 shares, the days-to-cover ratio is presently 2.9 days.

Devon Energy Trading Up 1.7 %

Shares of NYSE:DVN traded up $0.65 during mid-day trading on Tuesday, reaching $39.77. 12,614,523 shares of the company’s stock were exchanged, compared to its average volume of 7,247,580. The business’s fifty day moving average price is $42.93 and its 200-day moving average price is $46.95. Devon Energy has a twelve month low of $37.76 and a twelve month high of $55.09. The firm has a market capitalization of $25.13 billion, a price-to-earnings ratio of 7.59, a PEG ratio of 1.22 and a beta of 2.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same period in the prior year, the business posted $1.18 earnings per share. The firm’s revenue was up 13.4% on a year-over-year basis. On average, research analysts predict that Devon Energy will post 5.11 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on DVN shares. Susquehanna dropped their price target on Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Wells Fargo & Company dropped their target price on shares of Devon Energy from $55.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday. Scotiabank reduced their price target on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Piper Sandler cut their target price on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Finally, StockNews.com lowered Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Seven equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $55.41.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Devon Energy by 16.8% during the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after buying an additional 1,428,776 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Devon Energy by 7,165.6% during the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock worth $65,234,000 after buying an additional 1,357,311 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Devon Energy by 16.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares during the period. Finally, National Bank of Canada FI increased its stake in shares of Devon Energy by 447.6% in the 2nd quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock valued at $56,299,000 after acquiring an additional 964,147 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.