Devon Energy (NYSE:DVN) Trading Down 1.6% – What’s Next?

Shares of Devon Energy Co. (NYSE:DVN) dropped 1.6% during mid-day trading on Friday . The stock traded as low as $35.77 and last traded at $35.88. Approximately 1,340,818 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 10,085,156 shares. The stock had previously closed at $36.45.

Analyst Ratings Changes

Several analysts have commented on the company. Citigroup cut their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Barclays lowered their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Wells Fargo & Company reduced their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Finally, Evercore ISI lowered their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.41.

Devon Energy Trading Down 1.3 %

The stock has a fifty day simple moving average of $35.27 and a 200 day simple moving average of $39.90. The firm has a market capitalization of $23.64 billion, a P/E ratio of 6.68, a PEG ratio of 1.21 and a beta of 2.00. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping 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 company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the firm earned $1.65 EPS. The firm’s revenue was up 4.9% compared to the same quarter last year. As a group, research analysts forecast that Devon Energy Co. will post 4.7 EPS for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.45%. Devon Energy’s dividend payout ratio is currently 16.33%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its stake in Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after buying an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. bought a new position in shares of Devon Energy during the 3rd quarter valued at approximately $461,857,000. Pacer Advisors Inc. grew its holdings in shares of Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC bought a new stake in Devon Energy in the third quarter worth $408,653,000. Finally, Victory Capital Management Inc. raised its stake in Devon Energy by 3.8% during the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after purchasing an additional 361,968 shares in the last quarter. Institutional investors 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.