Devon Energy Co. (NYSE:DVN) Short Interest Up 8.3% in April

Devon Energy Co. (NYSE:DVN) saw a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 16,620,000 shares, a growth of 8.3% from the March 31st total of 15,350,000 shares. Based on an average daily trading volume, of 7,560,000 shares, the short-interest ratio is presently 2.2 days. Approximately 2.6% of the shares of the company are sold short.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Asset Management One Co. Ltd. boosted its stake in shares of Devon Energy by 0.6% in the third quarter. Asset Management One Co. Ltd. now owns 254,152 shares of the energy company’s stock worth $12,123,000 after acquiring an additional 1,617 shares during the period. Palouse Capital Management Inc. lifted its holdings in Devon Energy by 5.8% in the 3rd quarter. Palouse Capital Management Inc. now owns 83,382 shares of the energy company’s stock worth $3,977,000 after purchasing an additional 4,568 shares in the last quarter. SVB Wealth LLC boosted its stake in Devon Energy by 5.6% in the 3rd quarter. SVB Wealth LLC now owns 8,105 shares of the energy company’s stock worth $387,000 after purchasing an additional 430 shares during the period. Pinnacle Associates Ltd. grew its holdings in Devon Energy by 2.9% during the 3rd quarter. Pinnacle Associates Ltd. now owns 146,894 shares of the energy company’s stock valued at $7,007,000 after buying an additional 4,120 shares in the last quarter. Finally, Financial Management Network Inc. bought a new stake in shares of Devon Energy during the third quarter valued at approximately $265,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 1.5 %

NYSE DVN opened at $50.40 on Thursday. The stock’s 50-day moving average price is $49.23 and its 200-day moving average price is $46.24. The company has a market capitalization of $32.00 billion, a P/E ratio of 8.64 and a beta of 2.19. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. Devon Energy has a 52 week low of $40.47 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm’s revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.66 EPS. On average, equities research analysts predict that Devon Energy will post 5.28 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is 15.09%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on DVN. Barclays started coverage on Devon Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 target price for the company. Citigroup boosted their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Raymond James dropped their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Piper Sandler boosted their target price on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Finally, Susquehanna raised their price target on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $58.33.

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.