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

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

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Citigroup boosted their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Truist Financial decreased their price objective on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a research report on Thursday, March 7th. Finally, Stifel Nicolaus decreased their price objective on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Devon Energy 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 moving average price is $47.30 and its 200 day moving average price is $45.78. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The company has a market cap of $33.13 billion, a price-to-earnings ratio of 8.95 and a beta of 2.19.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the company posted $1.66 EPS. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, analysts expect that Devon Energy Co. will post 5.02 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Coppell Advisory Solutions LLC acquired a new stake in Devon Energy during the 2nd quarter worth approximately $25,000. Canada Pension Plan Investment Board acquired a new stake in Devon Energy during the 1st quarter worth approximately $26,000. KB Financial Partners LLC acquired a new stake in Devon Energy during the 1st quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Devon Energy during the 3rd quarter worth approximately $27,000. Finally, Manchester Capital Management LLC acquired a new stake in Devon Energy during the 4th quarter worth approximately $28,000. Institutional investors and hedge funds 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.