Devon Energy (NYSE:DVN) Shares Down 3.3% – Here’s Why

by · The Markets Daily

Shares of Devon Energy Co. (NYSE:DVN – Get Free Report) dropped 3.3% on Tuesday . The stock traded as low as $36.46 and last traded at $36.70. Approximately 3,545,017 shares were traded during trading, a decline of 66% from the average daily volume of 10,463,042 shares. The stock had previously closed at $37.95.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on DVN shares. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research report on Thursday, December 5th. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Friday, January 3rd. Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research note on Tuesday, January 14th. Royal Bank of Canada reiterated a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a report on Friday, January 10th. Finally, Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Wednesday, January 15th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $49.27.

Get Our Latest Stock Report on DVN

Devon Energy Stock Down 3.3 %

The company has a market cap of $24.10 billion, a price-to-earnings ratio of 6.81, a P/E/G ratio of 1.26 and a beta of 2.00. The stock’s 50-day moving average is $35.46 and its 200-day moving average is $40.14. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN – Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the firm earned $1.65 EPS. The business’s revenue was up 4.9% on a year-over-year basis. On average, analysts anticipate that Devon Energy Co. will post 4.68 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date was Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

Institutional Trading of Devon Energy

Several hedge funds have recently bought and sold shares of the business. Riversedge Advisors LLC raised its position in Devon Energy by 3.6% in the 3rd quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock valued at $287,000 after buying an additional 253 shares during the last quarter. Modus Advisors LLC grew its stake in shares of Devon Energy by 2.4% in the 3rd quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock worth $447,000 after acquiring an additional 272 shares in the last quarter. Lummis Asset Management LP raised its holdings in shares of Devon Energy by 1.0% in the second quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company’s stock valued at $1,425,000 after purchasing an additional 290 shares during the last quarter. Hazlett Burt & Watson Inc. lifted its position in shares of Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares in the last quarter. Finally, Sfmg LLC lifted its position in shares of Devon Energy by 0.5% during the third quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after purchasing an additional 294 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

(Get Free Report)

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.

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