Devon Energy (NYSE:DVN) Shares Down 0.4% – What’s Next?

Devon Energy Co. (NYSE:DVN) shares traded down 0.4% on Friday . The stock traded as low as $33.39 and last traded at $33.79. 2,745,165 shares traded hands during trading, a decline of 64% from the average session volume of 7,524,864 shares. The stock had previously closed at $33.91.

Wall Street Analysts Forecast Growth

DVN has been the subject of several recent research reports. Benchmark reiterated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Jefferies Financial Group began coverage on Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective on the stock. UBS Group reduced their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Evercore ISI lowered their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Finally, Wells Fargo & Company reduced their target price on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Devon Energy has an average rating of “Hold” and an average target price of $50.75.

Devon Energy Price Performance

The company has a 50-day moving average of $38.92 and a two-hundred day moving average of $42.72. 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 $22.26 billion, a PE ratio of 6.27, a P/E/G ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share 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 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 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Institutional Investors Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of DVN. ORG Partners LLC increased its position in shares of Devon Energy by 738.3% in the 2nd quarter. ORG Partners LLC now owns 1,534 shares of the energy company’s stock worth $73,000 after purchasing an additional 1,351 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Devon Energy by 5.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 6,018 shares of the energy company’s stock worth $285,000 after buying an additional 335 shares during the last quarter. Triad Wealth Partners LLC acquired a new position in shares of Devon Energy in the 2nd quarter worth approximately $27,000. Blue Trust Inc. increased its holdings in shares of Devon Energy by 21.7% in the 2nd quarter. Blue Trust Inc. now owns 10,245 shares of the energy company’s stock valued at $514,000 after acquiring an additional 1,830 shares during the last quarter. Finally, Oak Harbor Wealth Partners LLC raised its position in shares of Devon Energy by 5.8% during the 2nd quarter. Oak Harbor Wealth Partners LLC now owns 31,985 shares of the energy company’s stock valued at $1,516,000 after acquiring an additional 1,755 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

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.