Devon Energy Co. (NYSE:DVN) Short Interest Down 7.3% in March

Devon Energy Co. (NYSE:DVN) was the recipient of a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 15,350,000 shares, a decrease of 7.3% from the March 15th total of 16,560,000 shares. Based on an average daily volume of 8,130,000 shares, the short-interest ratio is currently 1.9 days. Approximately 2.4% of the shares of the company are short sold.

Devon Energy Price Performance

DVN stock traded down $0.49 during trading on Tuesday, hitting $52.19. The company had a trading volume of 6,989,598 shares, compared to its average volume of 8,108,337. The company has a fifty day moving average price of $47.30 and a two-hundred day moving average price of $45.78. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $56.19. The company has a market cap of $33.14 billion, a P/E ratio of 8.95 and a beta of 2.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period last year, the firm posted $1.66 EPS. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. Equities research analysts expect that Devon Energy will post 5.02 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.37%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a report on Thursday, March 7th. UBS Group boosted their price objective on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Truist Financial dropped their price target on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Finally, Scotiabank lifted their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.89.

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in DVN. Canada Pension Plan Investment Board bought a new position in Devon Energy in the first quarter valued at approximately $26,000. Fortis Capital Advisors LLC bought a new position in shares of Devon Energy in the 4th quarter worth $31,000. KB Financial Partners LLC acquired a new stake in shares of Devon Energy during the first quarter worth $26,000. Coppell Advisory Solutions LLC bought a new stake in Devon Energy in the second quarter valued at about $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in Devon Energy in the third quarter valued at about $27,000. 69.72% of the stock is owned by institutional investors and hedge funds.

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.