Devon Energy Target of Unusually Large Options Trading (NYSE:DVN)

by · The Cerbat Gem

Devon Energy Corporation (NYSE:DVN – Get Free Report) saw unusually large options trading on Tuesday. Investors purchased 38,440 call options on the company. This is an increase of 79% compared to the average volume of 21,490 call options.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Woodline Partners LP raised its stake in Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after acquiring an additional 57,555 shares in the last quarter. Focus Partners Wealth increased its position in shares of Devon Energy by 7.9% during the 1st quarter. Focus Partners Wealth now owns 162,446 shares of the energy company’s stock worth $6,076,000 after purchasing an additional 11,850 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of Devon Energy by 4.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 9,931 shares of the energy company’s stock worth $371,000 after purchasing an additional 465 shares in the last quarter. Kera Capital Partners Inc. bought a new position in Devon Energy during the 2nd quarter valued at about $247,000. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its position in Devon Energy by 24.2% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,483 shares of the energy company’s stock valued at $111,000 after buying an additional 679 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

DVN has been the subject of several research analyst reports. Piper Sandler reduced their price objective on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, November 18th. Mizuho lifted their price objective on shares of Devon Energy from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Morgan Stanley increased their price objective on Devon Energy from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, December 11th. Scotiabank reissued an “outperform” rating on shares of Devon Energy in a research report on Thursday, October 9th. Finally, Siebert Williams Shank decreased their price objective on shares of Devon Energy from $52.00 to $46.00 and set a “buy” rating for the company in a report on Monday, October 13th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $44.62.

View Our Latest Stock Analysis on DVN

Devon Energy Stock Performance

Shares of DVN traded up $1.29 during mid-day trading on Tuesday, hitting $37.01. The company’s stock had a trading volume of 6,992,397 shares, compared to its average volume of 8,903,835. The stock’s 50-day moving average is $36.02 and its two-hundred day moving average is $34.56. The firm has a market capitalization of $23.21 billion, a PE ratio of 8.71, a price-to-earnings-growth ratio of 2.93 and a beta of 0.60. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.87 and a current ratio of 0.96. Devon Energy has a one year low of $25.89 and a one year high of $38.88.

Devon Energy (NYSE:DVN – Get Free Report) last announced its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. The business had revenue of $0.00 million for the quarter, compared to analyst estimates of $4.10 billion. During the same quarter in the previous year, the firm posted $1.10 earnings per share. As a group, sell-side analysts anticipate that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, December 15th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Monday, December 15th. Devon Energy’s dividend payout ratio (DPR) is presently 22.59%.

About Devon Energy

(Get Free Report)

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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