Devon Energy (NYSE:DVN) Shares Down 1.1%

Devon Energy Co. (NYSE:DVN) dropped 1.1% on Wednesday . The stock traded as low as $51.84 and last traded at $51.98. Approximately 1,702,939 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 7,852,719 shares. The stock had previously closed at $52.57.

Wall Street Analysts Forecast Growth

DVN has been the subject of several recent analyst reports. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Morgan Stanley raised their price target on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a report on Thursday, March 7th. Mizuho decreased their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Finally, Stifel Nicolaus lifted their target price on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Trading Up 1.0 %

The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The company has a fifty day simple moving average of $48.70 and a 200-day simple moving average of $46.13. The company has a market capitalization of $33.41 billion, a PE ratio of 9.02 and a beta of 2.19.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.66 EPS. Analysts predict that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio is presently 15.09%.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently modified their holdings of DVN. Avior Wealth Management LLC lifted its stake in Devon Energy by 4.9% during the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after acquiring an additional 207 shares in the last quarter. Private Trust Co. NA lifted its stake in Devon Energy by 1.6% during the 3rd quarter. Private Trust Co. NA now owns 18,020 shares of the energy company’s stock worth $860,000 after acquiring an additional 291 shares in the last quarter. Caprock Group LLC lifted its stake in Devon Energy by 41.0% during the 3rd quarter. Caprock Group LLC now owns 14,325 shares of the energy company’s stock worth $683,000 after acquiring an additional 4,162 shares in the last quarter. Galvin Gaustad & Stein LLC lifted its stake in Devon Energy by 8.5% during the 3rd quarter. Galvin Gaustad & Stein LLC now owns 6,414 shares of the energy company’s stock worth $306,000 after acquiring an additional 504 shares in the last quarter. Finally, Czech National Bank lifted its stake in Devon Energy by 47.4% during the 3rd quarter. Czech National Bank now owns 111,982 shares of the energy company’s stock worth $5,342,000 after acquiring an additional 36,002 shares in the last quarter. 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.