Devon Energy (NYSE:DVN) Stock Price Down 3.3% – Should You Sell?

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Citigroup decreased their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. BMO Capital Markets dropped their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Mizuho reduced their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Truist Financial decreased their price target on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Monday, January 13th. Finally, Evercore ISI reduced their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $49.41.

Devon Energy Trading Down 0.1 %

The stock has a 50-day simple moving average of $35.31 and a two-hundred day simple moving average of $40.02. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The firm has a market cap of $23.93 billion, a PE ratio of 6.76, a price-to-earnings-growth ratio of 1.22 and a beta of 2.00.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the firm earned $1.65 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Devon Energy Co. will post 4.68 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s payout ratio is currently 16.33%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of DVN. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy in the 3rd quarter worth $461,857,000. EnCap Partners GP LLC purchased a new stake in Devon Energy in the third quarter worth about $408,653,000. EnCap Energy Capital Fund X L.P. bought a new position in shares of Devon Energy in the third quarter worth about $230,928,000. International Assets Investment Management LLC lifted its position in shares of Devon Energy by 4,125.7% during the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after buying an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in shares of Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares during the period. Institutional investors 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.