Devon Energy (NYSE:DVN) Trading Down 1.1%

Devon Energy Co. (NYSE:DVN)’s stock price fell 1.1% during trading on Wednesday . The company traded as low as $51.84 and last traded at $51.98. 1,702,939 shares were traded during mid-day trading, a decline of 78% from the average session volume of 7,852,719 shares. The stock had previously closed at $52.57.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on DVN shares. Raymond James lowered their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, January 24th. Mizuho dropped their price target on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Scotiabank lifted their price target on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Barclays initiated coverage on Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price on the stock. Finally, Susquehanna lifted their price target on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research note on Monday. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $58.33.

Devon Energy Trading Down 0.9 %

The firm has a fifty day moving average of $48.30 and a two-hundred day moving average of $46.05. The company has a market cap of $33.08 billion, a PE ratio of 8.92 and a beta of 2.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the previous year, the business earned $1.66 earnings per share. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. As a group, sell-side analysts predict that Devon Energy Co. will post 5.2 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.38%. Devon Energy’s payout ratio is currently 15.09%.

Institutional Investors Weigh In On Devon Energy

Large investors have recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC raised its holdings in shares of Devon Energy by 15.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after acquiring an additional 73,570 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Devon Energy by 2.7% in the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock worth $17,974,000 after purchasing an additional 9,823 shares during the last quarter. Atria Investments Inc raised its stake in Devon Energy by 64.4% in the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock valued at $2,606,000 after purchasing an additional 21,400 shares in the last quarter. Pearl River Capital LLC raised its stake in Devon Energy by 367.7% in the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after purchasing an additional 58,997 shares in the last quarter. Finally, Argent Trust Co lifted its position in Devon Energy by 22.1% during the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after purchasing an additional 15,715 shares during the last quarter. 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.