Devon Energy (NYSE:DVN) Stock Price Down 0.9%

Devon Energy Co. (NYSE:DVN) fell 0.9% during mid-day trading on Wednesday . The company traded as low as $51.55 and last traded at $52.18. 6,991,359 shares changed hands during trading, a decline of 0% from the average session volume of 7,013,805 shares. The stock had previously closed at $52.68.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on DVN. Barclays started coverage on shares of Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price target on the stock. Piper Sandler decreased their price objective on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a report on Wednesday, January 24th. Morgan Stanley increased their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $46.00 to $59.00 in a report on Monday, April 1st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.89.

Devon Energy Trading Down 0.9 %

The stock has a market capitalization of $33.13 billion, a price-to-earnings ratio of 8.95 and a beta of 2.19. The company’s 50-day moving average is $47.30 and its 200-day moving average is $45.78. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the business earned $1.66 earnings per share. Devon Energy’s revenue was down 3.6% compared to the same quarter last year. Research analysts anticipate that Devon Energy Co. will post 5.02 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.37%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Wahed Invest LLC boosted its stake in Devon Energy by 2.1% during the first quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock worth $469,000 after buying an additional 161 shares during the period. Salem Investment Counselors Inc. boosted its stake in Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after buying an additional 199 shares during the period. Avior Wealth Management LLC boosted its stake in Devon Energy by 4.9% during the third quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after buying an additional 207 shares during the period. MCF Advisors LLC boosted its stake in shares of Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares during the period. Finally, Cornerstone Wealth Management LLC boosted its stake in shares of Devon Energy by 1.9% in the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock valued at $550,000 after purchasing an additional 218 shares during the period. Hedge funds and other institutional investors 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.