Devon Energy (NYSE:DVN) Trading Down 1%

Devon Energy Co. (NYSE:DVN) shares traded down 1% during trading on Thursday . The company traded as low as $51.43 and last traded at $51.58. 1,741,717 shares traded hands during trading, a decline of 78% from the average session volume of 7,836,701 shares. The stock had previously closed at $52.10.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Mizuho lowered their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, January 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a research report on Thursday, March 7th. Stifel Nicolaus boosted their price objective on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Finally, UBS Group boosted their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.33.

Devon Energy Price Performance

The stock’s 50 day moving average price is $48.88 and its two-hundred day moving average price is $46.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The firm has a market capitalization of $33.48 billion, a price-to-earnings ratio of 9.04 and a beta of 2.19.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping 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 business 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 company earned $1.66 earnings per share. Devon Energy’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, equities research analysts anticipate that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s payout ratio is 15.09%.

Hedge Funds Weigh In On Devon Energy

Several large investors have recently bought and sold shares of the stock. Salem Investment Counselors Inc. raised its stake in Devon Energy by 31.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after purchasing an additional 199 shares during the last quarter. Avior Wealth Management LLC grew its holdings in shares of Devon Energy by 4.9% in the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after purchasing an additional 207 shares during the last quarter. MCF Advisors LLC grew its holdings in shares of Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares during the last quarter. Cornerstone Wealth Management LLC grew its holdings in shares of Devon Energy by 1.9% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after purchasing an additional 218 shares during the last quarter. Finally, Clearbridge Investments LLC grew its holdings in shares of Devon Energy by 2.1% in the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after purchasing an additional 239 shares during the last quarter. 69.72% of the stock is currently 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.