Devon Energy (NYSE:DVN) Trading Down 1.6%

Devon Energy Co. (NYSE:DVN)’s stock price fell 1.6% during trading on Tuesday . The company traded as low as $51.55 and last traded at $51.83. 2,242,030 shares were traded during trading, a decline of 72% from the average session volume of 8,040,615 shares. The stock had previously closed at $52.68.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Truist Financial decreased their price target on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Stifel Nicolaus reduced their price target on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Piper Sandler lowered their price target on Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 24th. Wells Fargo & Company raised 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. upped their target price 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 research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.89.

Devon Energy Stock Performance

The stock’s 50-day simple moving average is $47.08 and its 200-day simple moving average is $45.74. The stock has a market cap of $33.11 billion, a price-to-earnings ratio of 8.89 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 data 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. The firm had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.66 EPS. Analysts forecast that Devon Energy Co. will post 5.02 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.38%. Devon Energy’s dividend payout ratio (DPR) is 15.09%.

Institutional Trading of Devon Energy

Several large investors have recently bought and sold shares of DVN. AlphaCrest Capital Management LLC acquired a new position in shares of Devon Energy in the first quarter valued at approximately $364,000. Acadian Asset Management LLC acquired a new position in shares of Devon Energy during the first quarter worth $188,000. Blair William & Co. IL increased its holdings in Devon Energy by 52.1% in the first quarter. Blair William & Co. IL now owns 99,120 shares of the energy company’s stock valued at $5,861,000 after purchasing an additional 33,936 shares during the period. Sei Investments Co. raised its position in Devon Energy by 9.2% during the 1st quarter. Sei Investments Co. now owns 414,354 shares of the energy company’s stock worth $24,500,000 after purchasing an additional 34,870 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in Devon Energy during the 1st quarter worth $26,000. 69.72% of the stock is owned by institutional investors and hedge funds.

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.