Devon Energy (NYSE:DVN) Trading Down 1.9%

Shares of Devon Energy Co. (NYSE:DVN) were down 1.9% during mid-day trading on Tuesday . The stock traded as low as $51.77 and last traded at $52.09. Approximately 1,665,242 shares were traded during trading, a decline of 78% from the average daily volume of 7,743,273 shares. The stock had previously closed at $53.08.

Analyst Upgrades and Downgrades

DVN has been the topic of several recent research reports. Barclays initiated coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target on the stock. Scotiabank upped their price target 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. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a report on Thursday, March 7th. UBS Group increased their price target on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Finally, Raymond James decreased their price objective on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $58.56.

Devon Energy Stock Performance

The company has a market cap of $31.97 billion, a PE ratio of 8.74 and a beta of 2.16. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The business’s fifty day moving average is $49.36 and its 200-day moving average is $46.27.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company’s revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.46 EPS. As a group, research analysts predict that Devon Energy Co. will post 5.28 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.75%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Morgan Stanley boosted its stake in shares of Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after acquiring an additional 2,220,194 shares during the period. Raymond James & Associates increased its stake in Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after acquiring an additional 736,449 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Devon Energy by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after buying an additional 68,339 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after acquiring an additional 1,488,374 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Devon Energy by 1.2% in the third quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock worth $323,145,000 after purchasing an additional 82,607 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

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.