Devon Energy (NYSE:DVN) Trading Down 1.1%

Shares of Devon Energy Co. (NYSE:DVN) traded down 1.1% during trading on Wednesday . The company traded as low as $51.84 and last traded at $51.98. Approximately 1,702,939 shares changed hands 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.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Scotiabank upped their target price on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. increased 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. Piper Sandler boosted their price target on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Finally, Raymond James decreased their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Trading Down 0.9 %

The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The company’s 50-day moving average price is $48.30 and its 200-day moving average price is $46.05. The firm has a market cap of $33.08 billion, a price-to-earnings ratio of 8.92 and a beta of 2.19.

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 analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.66 EPS. Equities analysts expect that Devon Energy Co. will post 5.2 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. Investors 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 yield of 3.38%. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently modified their holdings of the company. Lord Abbett & CO. LLC grew its holdings in Devon Energy by 15.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock worth $26,221,000 after acquiring an additional 73,570 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Devon Energy by 2.7% during the 3rd 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 grew its stake in shares of Devon Energy by 64.4% during the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after purchasing an additional 21,400 shares in the last quarter. Pearl River Capital LLC increased its holdings 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 buying an additional 58,997 shares during the last quarter. Finally, Argent Trust Co lifted its holdings in Devon Energy by 22.1% during the 3rd quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock worth $4,140,000 after buying an additional 15,715 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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.