Devon Energy (NYSE:DVN) Shares Break Below 50 Day Moving Average – Here’s What Happened

Devon Energy Corporation (NYSE:DVN) crossed below its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $48.89 and traded as low as $48.50. Devon Energy shares last traded at $48.5810, with a volume of 11,263,925 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Argus reissued a “buy” rating and issued a $45.85 price target on shares of Devon Energy in a research report on Monday, August 17th. JPMorgan Chase & Co. raised their price objective on Devon Energy from $60.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, October 2nd. Mizuho lowered their price objective on Devon Energy from $68.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday, October 16th. Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday, October 3rd. Finally, Weiss Ratings raised Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.72.

Devon Energy Price Performance

The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $53.44 billion, a PE ratio of 11.54, a PEG ratio of 1.33 and a beta of 0.49. The firm’s fifty day simple moving average is $48.89 and its 200-day simple moving average is $45.89.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The business had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. During the same period in the prior year, the firm posted $0.84 EPS. The firm’s quarterly revenue was up 73.1% on a year-over-year basis. On average, research analysts forecast that Devon Energy Corporation will post 5.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Devon Energy news, CEO Clay M. Gaspar purchased 3,913 shares of the stock in a transaction dated Monday, September 14th. The shares were purchased at an average cost of $51.08 per share, with a total value of $199,876.04. Following the completion of the acquisition, the chief executive officer directly owned 619,152 shares in the company, valued at $31,626,284.16. This trade represents a 0.64% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the sale, the executive vice president directly owned 72,720 shares in the company, valued at $3,705,084. This trade represents a 8.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.58% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Devon Energy

Hedge funds have recently bought and sold shares of the business. Financial Management Professionals Inc. boosted its stake in Devon Energy by 119.0% during the third quarter. Financial Management Professionals Inc. now owns 576 shares of the energy company’s stock valued at $27,000 after buying an additional 313 shares during the last quarter. Premier Financial Group purchased a new position in Devon Energy during the 2nd quarter valued at approximately $25,000. JFS Wealth Advisors LLC grew its holdings in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after buying an additional 245 shares in the last quarter. Parvin Asset Management LLC bought a new stake in Devon Energy in the 2nd quarter worth approximately $28,000. Finally, KERR FINANCIAL PLANNING Corp bought a new stake in Devon Energy in the 2nd quarter worth approximately $29,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

About Devon Energy

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.