Devon Energy (NYSE:DVN) Trading Down 2%

Devon Energy Co. (NYSE:DVN)’s share price fell 2% during trading on Wednesday . The company traded as low as $50.08 and last traded at $50.14. 1,869,256 shares traded hands during trading, a decline of 76% from the average session volume of 7,740,836 shares. The stock had previously closed at $51.18.

Analysts Set New Price Targets

A number of research analysts recently issued reports on DVN shares. Barclays started coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target for the company. Scotiabank increased their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Susquehanna boosted their target price on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. JPMorgan Chase & Co. raised their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Finally, Stifel Nicolaus boosted their price objective on shares of Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $58.44.

Devon Energy Stock Up 0.4 %

The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The business has a 50-day simple moving average of $49.48 and a two-hundred day simple moving average of $46.30. The company has a market capitalization of $32.09 billion, a price-to-earnings ratio of 9.64 and a beta of 2.16.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.41%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the prior year, the firm earned $1.46 EPS. Devon Energy’s quarterly revenue was down 5.9% on a year-over-year basis. As a group, equities analysts predict that Devon Energy Co. will post 5.28 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Institutional Trading of Devon Energy

A number of institutional investors have recently modified their holdings of the business. SVB Wealth LLC boosted its holdings in Devon Energy by 5.6% during the third quarter. SVB Wealth LLC now owns 8,105 shares of the energy company’s stock worth $387,000 after buying an additional 430 shares in the last quarter. Stratos Wealth Partners LTD. grew its holdings in shares of Devon Energy by 2.2% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 27,834 shares of the energy company’s stock worth $1,328,000 after acquiring an additional 594 shares during the period. Stratos Wealth Advisors LLC purchased a new position in Devon Energy in the 3rd quarter valued at approximately $477,000. Independent Advisor Alliance raised its holdings in Devon Energy by 51.9% during the third quarter. Independent Advisor Alliance now owns 29,766 shares of the energy company’s stock worth $1,420,000 after purchasing an additional 10,171 shares during the last quarter. Finally, Brown Advisory Inc. boosted its position in Devon Energy by 77.2% during the third quarter. Brown Advisory Inc. now owns 8,316 shares of the energy company’s stock worth $397,000 after purchasing an additional 3,622 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.