Devon Energy Co. (NYSE:DVN) Short Interest Up 22.5% in December

Devon Energy Co. (NYSE:DVN) was the target of a significant growth in short interest in December. As of December 15th, there was short interest totalling 25,880,000 shares, a growth of 22.5% from the November 30th total of 21,120,000 shares. Based on an average daily trading volume, of 9,640,000 shares, the days-to-cover ratio is presently 2.7 days. Approximately 4.2% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, December 25th. BMO Capital Markets reduced their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Jefferies Financial Group began coverage on Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price for the company. Finally, Raymond James reduced their price target on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Hold” and an average target price of $50.05.

Devon Energy Stock Up 2.4 %

Shares of DVN stock traded up $0.76 on Tuesday, reaching $32.73. 10,399,120 shares of the company were exchanged, compared to its average volume of 7,827,665. 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 50-day moving average of $36.48 and a 200-day moving average of $41.32. The company has a market cap of $21.50 billion, a price-to-earnings ratio of 6.07, a PEG ratio of 1.10 and a beta of 1.99. Devon Energy has a one year low of $30.39 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the company earned $1.65 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. Analysts anticipate that Devon Energy will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.69%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Devon Energy by 21.1% during 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 purchasing an additional 4,848 shares during the last quarter. Rothschild Investment LLC purchased a new stake in Devon Energy in the 2nd quarter valued at $1,867,000. Concurrent Investment Advisors LLC raised its position in Devon Energy by 88.8% in 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 last quarter. Sage Mountain Advisors LLC bought a new position in Devon Energy during the 2nd quarter valued at $200,000. Finally, Graypoint LLC boosted its holdings in Devon Energy by 22.8% during the 2nd quarter. Graypoint LLC now owns 10,338 shares of the energy company’s stock worth $490,000 after acquiring an additional 1,918 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.