Devon Energy (NYSE:DVN) Shares Down 1%

Shares of Devon Energy Co. (NYSE:DVN) fell 1% on Thursday . The company traded as low as $51.43 and last traded at $51.58. 1,741,717 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 7,836,701 shares. The stock had previously closed at $52.10.

Analyst Ratings Changes

A number of research firms recently weighed in on DVN. Susquehanna raised their target price on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday. Truist Financial raised their target price on shares of Devon Energy from $66.00 to $69.00 and gave the company a “buy” rating in a report on Monday. Morgan Stanley raised their target price on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a report on Thursday, March 7th. Finally, Scotiabank lifted their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Price Performance

The firm has a market cap of $33.41 billion, a PE ratio of 8.85 and a beta of 2.19. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock has a 50 day moving average price of $48.51 and a two-hundred day moving average price of $46.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.66 earnings per share. As a group, equities analysts expect that Devon Energy Co. will post 5.22 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.35%. Devon Energy’s dividend payout ratio is presently 15.09%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently bought and sold shares of the stock. Morgan Stanley boosted its position in Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Raymond James & Associates raised its stake in shares of Devon Energy by 8.9% during the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after buying an additional 736,449 shares during the period. Victory Capital Management Inc. raised its stake in shares of Devon Energy by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after buying an additional 68,339 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after buying an additional 1,488,374 shares during the period. Finally, Northern Trust Corp raised its stake in Devon Energy by 1.2% in the 3rd quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock valued at $323,145,000 after purchasing an additional 82,607 shares during the last quarter. Hedge funds and other institutional investors 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.