Devon Energy (NYSE:DVN) Stock Price Down 1.3% - Here's Why

Devon Energy Co. (NYSE:DVN - Get Free Report)'s stock price was down 1.3% during mid-day trading on Friday . The stock traded as low as $38.05 and last traded at $37.93. Approximately 1,890,449 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 10,435,148 shares. The stock had previously closed at $38.42.

Analysts Set New Price Targets

A number of brokerages have weighed in on DVN. Scotiabank decreased 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. Mizuho cut their price target on Devon Energy from $51.00 to $47.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. Truist Financial lowered their price objective 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. Sanford C. Bernstein upgraded shares of Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price on the stock in a report on Wednesday. Finally, Benchmark upgraded shares of Devon Energy from a "hold" rating to a "buy" rating and set a $44.00 price target for the company in a report on Tuesday. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $49.27.

Devon Energy Stock Down 1.2 %

The company has a market capitalization of $24.95 billion, a price-to-earnings ratio of 7.05, a PEG ratio of 1.14 and a beta of 2.00. 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 business's 50 day moving average is $35.48 and its 200 day moving average is $40.32.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the firm posted $1.65 earnings per share. The business's revenue for the quarter was up 4.9% compared to the same quarter last year. Sell-side analysts anticipate that Devon Energy Co. will post 4.72 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.32%. Devon Energy's payout ratio is presently 16.33%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of DVN. EnCap Energy Capital Fund XI L.P. acquired a new position in Devon Energy in the 3rd quarter worth approximately $461,857,000. EnCap Partners GP LLC purchased a new stake in shares of Devon Energy in the 3rd quarter valued at $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new stake in shares of Devon Energy in the third quarter worth $230,928,000. International Assets Investment Management LLC raised its holdings in shares of Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company's stock worth $89,231,000 after purchasing an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its position in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company's stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the period. 69.72% of the stock is currently 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.