Devon Energy (NYSE:DVN) Shares Down 1.9%

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

Wall Street Analyst Weigh In

DVN has been the topic of a number of research analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a report on Thursday, March 7th. UBS Group increased their target price on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Mizuho dropped their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. Susquehanna increased their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. Finally, Morgan Stanley increased their target price on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $58.33.

Devon Energy Stock Down 3.6 %

The firm has a market cap of $32.50 billion, a price-to-earnings ratio of 8.93 and a beta of 2.19. The business’s 50 day moving average price is $49.07 and its 200 day moving average price is $46.22. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data 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 business 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 business’s revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the company earned $1.66 EPS. On average, equities analysts forecast that Devon Energy Co. will post 5.28 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.44%. Devon Energy’s payout ratio is 15.09%.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently added to or reduced their stakes in the stock. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Devon Energy in the 3rd quarter valued at $27,000. Manchester Capital Management LLC acquired a new stake in Devon Energy during the 4th quarter worth $28,000. Tradewinds Capital Management LLC acquired a new stake in Devon Energy during the 1st quarter worth $30,000. Sound Income Strategies LLC boosted its stake in Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares during the last quarter. Finally, Rise Advisors LLC boosted its stake in Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares during the last quarter. Institutional investors and hedge funds 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.