Devon Energy Co. (NYSE:DVN) Sees Significant Growth in Short Interest

Devon Energy Co. (NYSE:DVN) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 22,790,000 shares, an increase of 18.7% from the September 15th total of 19,200,000 shares. Currently, 3.7% of the company’s stock are short sold. Based on an average daily volume of 7,250,000 shares, the days-to-cover ratio is presently 3.1 days.

Analysts Set New Price Targets

Several brokerages recently issued reports on DVN. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, September 3rd. Evercore ISI lowered their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Mizuho dropped their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Finally, BMO Capital Markets dropped their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $52.58.

Devon Energy Stock Performance

Shares of DVN traded down $0.30 during trading hours on Wednesday, hitting $40.90. The company had a trading volume of 3,429,476 shares, compared to its average volume of 7,265,475. The business has a fifty day moving average of $42.38 and a 200-day moving average of $46.47. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The firm has a market cap of $25.85 billion, a price-to-earnings ratio of 7.86, a PEG ratio of 1.27 and a beta of 2.02. Devon Energy has a 12 month low of $37.76 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same period last year, the business posted $1.18 earnings per share. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. Equities analysts anticipate that Devon Energy will post 5.01 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.15%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of DVN. Salem Investment Counselors Inc. raised its position in shares of Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after buying an additional 199 shares in the last quarter. Retirement Group LLC lifted its position in shares of Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after acquiring an additional 199 shares during the period. Whittier Trust Co. of Nevada Inc. increased its position in shares of Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after purchasing an additional 209 shares during the period. MCF Advisors LLC increased its holdings in Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after buying an additional 215 shares during the period. Finally, Annex Advisory Services LLC raised its position in shares of Devon Energy by 0.8% in the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after buying an additional 223 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.