Devon Energy (NYSE:DVN) Shares Down 0.9% – What’s Next?

Devon Energy Co. (NYSE:DVN) shares were down 0.9% during mid-day trading on Friday . The stock traded as low as $39.01 and last traded at $39.03. Approximately 1,230,767 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 7,407,375 shares. The stock had previously closed at $39.38.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on DVN shares. Raymond James reduced their price objective on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. BMO Capital Markets dropped their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Jefferies Financial Group assumed coverage on Devon Energy in a research report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price for the company. Scotiabank dropped their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Finally, UBS Group dropped their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $51.80.

Devon Energy Price Performance

The company has a 50-day moving average of $40.15 and a two-hundred day moving average of $44.52. The stock has a market capitalization of $25.28 billion, a PE ratio of 7.24, a P/E/G ratio of 1.22 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the business posted $1.65 EPS. Sell-side analysts predict that Devon Energy Co. will post 4.84 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.29%. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently modified their holdings of the stock. Sei Investments Co. grew its stake in Devon Energy by 3.6% during the 1st quarter. Sei Investments Co. now owns 228,499 shares of the energy company’s stock valued at $11,462,000 after purchasing an additional 7,931 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Devon Energy by 28.3% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 22,975 shares of the energy company’s stock valued at $1,153,000 after purchasing an additional 5,074 shares in the last quarter. Kingsview Wealth Management LLC grew its stake in Devon Energy by 55.4% during the 1st quarter. Kingsview Wealth Management LLC now owns 39,149 shares of the energy company’s stock valued at $1,965,000 after purchasing an additional 13,961 shares in the last quarter. HBK Sorce Advisory LLC grew its stake in Devon Energy by 29.8% during the 1st quarter. HBK Sorce Advisory LLC now owns 8,067 shares of the energy company’s stock valued at $405,000 after purchasing an additional 1,850 shares in the last quarter. Finally, Brighton Jones LLC grew its stake in Devon Energy by 456.8% during the 1st quarter. Brighton Jones LLC now owns 44,587 shares of the energy company’s stock valued at $2,237,000 after purchasing an additional 36,579 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.