Traders Buy High Volume of Call Options on Devon Energy (NYSE:DVN)

Devon Energy Co. (NYSE:DVN - Get Free Report) was the recipient of some unusual options trading on Monday. Stock traders acquired 45,020 call options on the stock. This is an increase of approximately 35% compared to the typical daily volume of 33,241 call options.

Devon Energy Stock Up 2.4 %

Shares of DVN stock traded up $0.85 during trading hours on Monday, hitting $36.84. 12,186,464 shares of the company's stock traded hands, compared to its average volume of 11,430,712. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The stock's fifty day simple moving average is $35.58 and its two-hundred day simple moving average is $40.49. Devon Energy has a 12-month low of $30.39 and a 12-month high of $55.09. The stock has a market cap of $24.20 billion, a price-to-earnings ratio of 6.83, a PEG ratio of 1.07 and a beta of 1.99.

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 (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analysts' expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business's revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.65 earnings per share. On average, analysts expect that Devon Energy will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.39%. Devon Energy's dividend payout ratio (DPR) is 16.33%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on DVN. Benchmark reaffirmed a "hold" rating on shares of Devon Energy in a research note on Tuesday, October 15th. Raymond James reduced their target price on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Truist Financial lowered 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. Wolfe Research raised Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 price objective on the stock in a research note on Friday, January 3rd. Finally, Piper Sandler reduced their price target on Devon Energy from $57.00 to $53.00 and set an "overweight" rating on the stock in a research report on Tuesday, December 17th. Eleven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and a consensus target price of $49.43.

Institutional Investors Weigh In On Devon Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP bought a new position in Devon Energy in the third quarter valued at about $35,000. Future Financial Wealth Managment LLC purchased a new position in shares of Devon Energy during the 3rd quarter worth $39,000. True Wealth Design LLC grew its position in shares of Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company's stock valued at $44,000 after acquiring an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. increased its stake in shares of Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company's stock worth $49,000 after purchasing an additional 290 shares in the last quarter. Finally, Activest Wealth Management raised its holdings in Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company's stock worth $50,000 after purchasing an additional 480 shares during the period. Hedge funds and other 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.