Devon Energy (NYSE:DVN) Shares Down 1.3% – Should You Sell?

Devon Energy Co. (NYSE:DVN)’s stock price was down 1.3% on Tuesday . The stock traded as low as $38.05 and last traded at $38.25. Approximately 1,091,434 shares changed hands during trading, a decline of 85% from the average daily volume of 7,400,000 shares. The stock had previously closed at $38.77.

Analyst Ratings Changes

Several equities analysts have recently weighed in on DVN shares. Mizuho reduced their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Susquehanna decreased their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a report on Friday, October 18th. Wells Fargo & Company decreased their target price on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. Truist Financial cut shares of Devon Energy from a “buy” rating to a “hold” rating and decreased their target price for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. Finally, Barclays decreased their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $51.85.

Devon Energy Stock Performance

The company has a market cap of $25.16 billion, a P/E ratio of 7.11, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. 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 50-day moving average price is $39.96 and its 200 day moving average price is $44.11.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm posted $1.65 earnings per share. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. As a group, research analysts expect that Devon Energy Co. will post 4.81 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.30%. Devon Energy’s dividend payout ratio is currently 16.33%.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently made changes to their positions in DVN. Triad Wealth Partners LLC bought a new stake in Devon Energy during the 2nd quarter worth about $27,000. 1620 Investment Advisors Inc. acquired a new position in Devon Energy during the 2nd quarter valued at about $34,000. PSI Advisors LLC lifted its position in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares during the period. LRI Investments LLC acquired a new stake in shares of Devon Energy in the 1st quarter valued at approximately $39,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy in the 3rd quarter valued at approximately $35,000. 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.