Investors Buy Shares of Devon Energy (DVN) on Weakness
Investors bought shares of Devon Energy Corporation (NYSE:DVN) on weakness during trading hours on Wednesday. $48.57 million flowed into the stock on the tick-up and $22.45 million flowed out of the stock on the tick-down, for a money net flow of $26.12 million into the stock. Of all companies tracked, Devon Energy had the 29th highest net in-flow for the day. Devon Energy traded down ($0.07) for the day and closed at $37.10
A number of research analysts have recently issued reports on DVN shares. Morgan Stanley boosted their price target on shares of Devon Energy from $42.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 18th. BMO Capital Markets set a $38.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research note on Monday, August 28th. Royal Bank Of Canada set a $43.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research note on Friday, August 25th. Stifel Nicolaus set a $61.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research note on Friday, August 25th. Finally, Jefferies Group reiterated a “hold” rating and set a $31.00 price target (down from $35.00) on shares of Devon Energy in a research note on Tuesday, August 29th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $46.56.
The company has a debt-to-equity ratio of 0.87, a current ratio of 1.63 and a quick ratio of 1.63. The company has a market cap of $19,965.75, a PE ratio of 26.05, a price-to-earnings-growth ratio of 1.17 and a beta of 2.22.
Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The company had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period in the prior year, the business posted $1.89 earnings per share. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. sell-side analysts expect that Devon Energy Corporation will post 1.78 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.65%. Devon Energy’s payout ratio is currently 8.19%.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Devon Energy by 3.0% in the second quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock valued at $1,432,998,000 after purchasing an additional 1,295,417 shares in the last quarter. State Street Corp lifted its holdings in shares of Devon Energy by 1.0% in the second quarter. State Street Corp now owns 27,673,118 shares of the energy company’s stock valued at $884,702,000 after purchasing an additional 265,179 shares in the last quarter. Standard Life Investments LTD lifted its holdings in shares of Devon Energy by 1.3% in the second quarter. Standard Life Investments LTD now owns 6,054,868 shares of the energy company’s stock valued at $193,604,000 after purchasing an additional 75,952 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Devon Energy by 0.3% in the second quarter. Northern Trust Corp now owns 5,955,294 shares of the energy company’s stock valued at $190,390,000 after purchasing an additional 18,861 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 21.6% in the third quarter. Victory Capital Management Inc. now owns 5,570,722 shares of the energy company’s stock valued at $204,501,000 after purchasing an additional 988,090 shares in the last quarter. 77.64% of the stock is currently owned by institutional investors.
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About Devon Energy
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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