Short Interest in Devon Energy Co. (NYSE:DVN) Drops By 18.8%

Devon Energy Co. (NYSE:DVN) was the recipient of a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 17,920,000 shares, a decrease of 18.8% from the February 13th total of 22,080,000 shares. Based on an average daily trading volume, of 10,730,000 shares, the short-interest ratio is currently 1.7 days. Approximately 2.9% of the company’s stock are short sold.

Devon Energy Stock Performance

Shares of DVN traded up $0.71 on Wednesday, reaching $36.08. 10,654,857 shares of the stock traded hands, compared to its average volume of 7,827,897. The stock’s 50-day moving average price is $35.44 and its 200-day moving average price is $37.13. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The firm has a market cap of $23.41 billion, a price-to-earnings ratio of 7.91, a P/E/G ratio of 1.20 and a beta of 1.91. Devon Energy has a 12 month low of $30.39 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Equities analysts forecast that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 2.66%. Devon Energy’s payout ratio is presently 21.05%.

Analysts Set New Price Targets

DVN has been the subject of a number of analyst reports. Susquehanna lifted their target price on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research note on Thursday, February 20th. Wells Fargo & Company lowered their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Barclays raised their target price on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Finally, 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. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.46.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. KBC Group NV lifted its holdings in Devon Energy by 14.0% during the 3rd quarter. KBC Group NV now owns 72,780 shares of the energy company’s stock worth $2,847,000 after buying an additional 8,920 shares in the last quarter. CIBC Asset Management Inc lifted its stake in shares of Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after acquiring an additional 6,358 shares during the period. TrinityPoint Wealth LLC boosted its holdings in Devon Energy by 40.5% in the third quarter. TrinityPoint Wealth LLC now owns 63,966 shares of the energy company’s stock valued at $2,502,000 after acquiring an additional 18,431 shares during the last quarter. Quest Partners LLC increased its position in Devon Energy by 16.0% in the third quarter. Quest Partners LLC now owns 67,022 shares of the energy company’s stock worth $2,622,000 after purchasing an additional 9,234 shares during the period. Finally, Aviso Wealth Management bought a new stake in Devon Energy during the 3rd quarter worth about $560,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.