Devon Energy (NYSE:DVN) Stock Price Down 3.3% – Here’s What Happened

Devon Energy Co. (NYSE:DVN) fell 3.3% during trading on Tuesday . The company traded as low as $36.46 and last traded at $36.70. 3,545,017 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 10,463,042 shares. The stock had previously closed at $37.95.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on DVN shares. Raymond James increased their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Thursday. TD Cowen cut their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Susquehanna decreased their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Wells Fargo & Company cut their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Finally, Piper Sandler decreased their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $49.41.

Devon Energy Trading Down 0.1 %

The company’s 50 day simple moving average is $35.31 and its 200-day simple moving average is $40.02. The firm has a market cap of $23.93 billion, a P/E ratio of 6.76, a P/E/G ratio of 1.22 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 issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company earned $1.65 EPS. As a group, research analysts predict that Devon Energy Co. will post 4.68 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date was Friday, December 13th. Devon Energy’s payout ratio is presently 16.33%.

Institutional Trading of Devon Energy

A number of large investors have recently modified their holdings of the company. Capital Performance Advisors LLP bought a new position in shares of Devon Energy during the third quarter valued at approximately $35,000. Future Financial Wealth Managment LLC purchased a new stake in Devon Energy during the third quarter worth $39,000. True Wealth Design LLC boosted its position in Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after acquiring an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. increased its holdings in shares of Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after acquiring an additional 290 shares during the period. Finally, Activest Wealth Management raised its position in shares of Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after acquiring an additional 480 shares in the last quarter. Hedge funds and other 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.