Devon Energy (NYSE:DVN) Stock Price Down 0.6% – What’s Next?

Devon Energy Co. (NYSE:DVN) traded down 0.6% during mid-day trading on Thursday . The company traded as low as $30.90 and last traded at $31.06. 2,011,977 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 7,765,158 shares. The stock had previously closed at $31.24.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Benchmark reissued a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Barclays reduced their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Wednesday. Susquehanna reduced their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Finally, Citigroup cut their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $50.05.

Devon Energy Stock Down 0.4 %

The firm has a market cap of $20.43 billion, a PE ratio of 5.77, a PEG ratio of 1.10 and a beta of 1.99. The business’s 50 day moving average price is $37.02 and its 200 day moving average price is $41.68. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the firm earned $1.65 earnings per share. The business’s revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

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 given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently made changes to their positions in DVN. HB Wealth Management LLC increased its stake in shares of Devon Energy by 2.1% in the 2nd quarter. HB Wealth Management LLC now owns 19,892 shares of the energy company’s stock worth $943,000 after acquiring an additional 418 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of Devon Energy by 21.1% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 27,823 shares of the energy company’s stock valued at $1,319,000 after buying an additional 4,848 shares during the period. iA Global Asset Management Inc. grew its stake in shares of Devon Energy by 149.0% in the 2nd quarter. iA Global Asset Management Inc. now owns 79,260 shares of the energy company’s stock valued at $3,757,000 after buying an additional 47,431 shares during the period. Rothschild Investment LLC acquired a new stake in shares of Devon Energy during the 2nd quarter worth approximately $1,867,000. Finally, Concurrent Investment Advisors LLC raised its position in shares of Devon Energy by 88.8% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 75,379 shares of the energy company’s stock valued at $3,573,000 after buying an additional 35,454 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.