Devon Energy (NYSE:DVN) Stock Price Down 1.2% – Here’s Why

Devon Energy Co. (NYSE:DVN)’s stock price fell 1.2% on Monday . The company traded as low as $37.72 and last traded at $37.98. 9,342,292 shares traded hands during mid-day trading, a decline of 13% from the average session volume of 10,750,120 shares. The stock had previously closed at $38.42.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Truist Financial decreased their price objective on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a report on Monday, January 13th. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Wednesday, January 15th. Finally, Wells Fargo & Company dropped their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.27.

Devon Energy Trading Down 3.2 %

The business’s 50-day moving average price is $35.43 and its 200 day moving average price is $40.07. The firm has a market capitalization of $24.13 billion, a price-to-earnings ratio of 6.81, a PEG ratio of 1.26 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the company posted $1.65 EPS. Devon Energy’s quarterly revenue was up 4.9% on a year-over-year basis. On average, equities analysts forecast that Devon Energy Co. will post 4.68 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.40%. Devon Energy’s payout ratio is 16.33%.

Hedge Funds Weigh In On Devon Energy

Large investors have recently added to or reduced their stakes in the company. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Devon Energy during the 3rd quarter valued at about $461,857,000. EnCap Partners GP LLC bought a new position in Devon Energy during the 3rd quarter worth $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in shares of Devon Energy during the third quarter valued at $230,928,000. International Assets Investment Management LLC lifted its position in Devon Energy by 4,125.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after purchasing an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its position in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after buying an additional 1,677,652 shares during the period. 69.72% of the stock is currently 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.