Devon Energy (NYSE:DVN) Trading Down 0.9% – Here’s Why

Shares of Devon Energy Co. (NYSE:DVN) traded down 0.9% during mid-day trading on Friday . The stock traded as low as $39.01 and last traded at $39.03. Approximately 1,230,767 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 7,407,375 shares. The stock had previously closed at $39.38.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of recent analyst reports. Evercore ISI decreased their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. UBS Group decreased their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. dropped their price target on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Mizuho reduced their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Finally, Susquehanna dropped their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $51.80.

Devon Energy Price Performance

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The company has a fifty day moving average of $40.09 and a 200-day moving average of $44.37. The firm has a market cap of $25.27 billion, a P/E ratio of 7.14, a P/E/G ratio of 1.22 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the company posted $1.65 earnings per share. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, sell-side analysts anticipate that Devon Energy Co. will post 4.84 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.29%. Devon Energy’s payout ratio is presently 16.33%.

Institutional Trading of Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of DVN. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy during the 2nd quarter valued at $27,000. 1620 Investment Advisors Inc. purchased a new stake in Devon Energy during the second quarter worth about $34,000. Capital Performance Advisors LLP bought a new stake in Devon Energy in the third quarter worth about $35,000. PSI Advisors LLC boosted its stake in Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the last quarter. Finally, LRI Investments LLC bought a new position in shares of Devon Energy during the 1st quarter valued at approximately $39,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Company Profile

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.