Devon Energy (NYSE:DVN) Shares Down 0.1% - Here's Why

Shares of Devon Energy Co. (NYSE:DVN - Get Free Report) traded down 0.1% during mid-day trading on Thursday . The company traded as low as $35.06 and last traded at $35.03. 991,329 shares changed hands during trading, a decline of 90% from the average session volume of 9,595,735 shares. The stock had previously closed at $35.07.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on DVN shares. JPMorgan Chase & Co. downgraded Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 price target on the stock. in a research note on Thursday, December 5th. Wolfe Research upgraded shares of Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 price target for the company in a report on Friday, January 3rd. Mizuho decreased their price objective on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating on the stock in a report on Monday, December 16th. Sanford C. Bernstein raised shares of Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price for the company in a report on Wednesday, January 15th. Finally, Truist Financial decreased their price target on Devon Energy from $43.00 to $42.00 and set a "hold" rating on the stock in a research note on Monday, January 13th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and a consensus price target of $49.45.

Devon Energy Price Performance

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The stock has a market capitalization of $23.02 billion, a PE ratio of 6.50, a P/E/G ratio of 1.21 and a beta of 2.00. The company has a 50-day moving average of $35.07 and a two-hundred day moving average of $39.67.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company posted $1.65 EPS. The business's quarterly revenue was up 4.9% on a year-over-year basis. Sell-side analysts predict that Devon Energy Co. will post 4.7 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.51%. The ex-dividend date was Friday, December 13th. Devon Energy's payout ratio is currently 16.33%.

Institutional Trading of Devon Energy

A number of institutional investors have recently added to or reduced their stakes in the business. BXM Wealth LLC purchased a new stake in shares of Devon Energy in the fourth quarter worth about $220,000. ABC Arbitrage SA purchased a new position in Devon Energy in the 4th quarter worth approximately $2,472,000. New York State Teachers Retirement System grew its position in Devon Energy by 4.5% in the fourth quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company's stock valued at $24,101,000 after acquiring an additional 31,520 shares in the last quarter. Chevy Chase Trust Holdings LLC increased its stake in Devon Energy by 2.7% during the 4th quarter. Chevy Chase Trust Holdings LLC now owns 344,914 shares of the energy company's stock worth $11,289,000 after buying an additional 8,971 shares during the period. Finally, Asset Planning Inc purchased a new stake in shares of Devon Energy during the fourth quarter worth about $54,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

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.

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