Devon Energy (NYSE:DVN) Stock Price Down 2.2% - Here's What Happened

Devon Energy Co. (NYSE:DVN - Get Free Report) shares were down 2.2% during mid-day trading on Friday . The stock traded as low as $33.79 and last traded at $34.28. Approximately 1,953,355 shares were traded during trading, a decline of 79% from the average daily volume of 9,454,141 shares. The stock had previously closed at $35.05.

Analyst Ratings Changes

Several brokerages recently issued reports on DVN. Truist Financial dropped their target price on shares of Devon Energy from $43.00 to $42.00 and set a "hold" rating on the stock in a report on Monday, January 13th. StockNews.com upgraded Devon Energy from a "sell" rating to a "hold" rating in a report on Friday, January 3rd. Royal Bank of Canada restated a "sector perform" rating and issued a $50.00 price target on shares of Devon Energy in a report on Friday, January 10th. Mizuho reduced their target price 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. Finally, Benchmark raised Devon Energy from a "hold" rating to a "buy" rating and set a $44.00 price objective on the stock in a research note on Tuesday, January 14th. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Devon Energy currently has an average rating of "Moderate Buy" and a consensus price target of $49.45.

Devon Energy Price Performance

The company has a 50 day moving average price of $34.73 and a 200 day moving average price of $39.22. The company has a market capitalization of $22.43 billion, a P/E ratio of 6.33, a P/E/G ratio of 1.07 and a beta of 1.98. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the business earned $1.65 earnings per share. Devon Energy's revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities analysts predict that Devon Energy Co. will post 4.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Algert Global LLC lifted its position in Devon Energy by 17.8% in the second quarter. Algert Global LLC now owns 9,719 shares of the energy company's stock valued at $461,000 after purchasing an additional 1,466 shares during the last quarter. Czech National Bank raised its holdings in shares of Devon Energy by 5.9% during the third quarter. Czech National Bank now owns 127,563 shares of the energy company's stock valued at $4,990,000 after purchasing an additional 7,129 shares during the last quarter. Diversified Trust Co bought a new position in shares of Devon Energy in the 3rd quarter worth approximately $616,000. Sugarloaf Wealth Management LLC lifted its holdings in Devon Energy by 56.1% during the third quarter. Sugarloaf Wealth Management LLC now owns 6,069 shares of the energy company's stock valued at $237,000 after purchasing an additional 2,181 shares in the last quarter. Finally, Brookstone Capital Management lifted its position in Devon Energy by 19.2% during the third quarter. Brookstone Capital Management now owns 10,458 shares of the energy company's stock valued at $409,000 after purchasing an additional 1,687 shares during the last quarter. 69.72% of the stock is currently owned by 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.