Short Interest in Devon Energy (DVN) Decreases By 21.1%

Devon Energy (NYSE:DVN) saw a large decrease in short interest during the month of April. As of April 30th, there was short interest totalling 10,807,249 shares, a decrease of 21.1% from the April 13th total of 13,689,080 shares. Based on an average trading volume of 7,945,726 shares, the short-interest ratio is presently 1.4 days. Currently, 2.1% of the shares of the stock are short sold.

Shares of Devon Energy opened at $42.36 on Friday, Marketbeat.com reports. The firm has a market cap of $21.61 billion, a P/E ratio of 67.24, a P/E/G ratio of 4.52 and a beta of 2.16. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.04 and a quick ratio of 1.04. Devon Energy has a 12-month low of $40.86 and a 12-month high of $41.49.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 1st. The energy company reported $0.20 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.20. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.85 billion. Devon Energy had a return on equity of 5.68% and a net margin of 4.49%. Devon Energy’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period last year, the company earned $1.07 EPS. analysts expect that Devon Energy will post 1.31 earnings per share for the current fiscal year.

Devon Energy declared that its board has authorized a stock buyback program on Wednesday, March 7th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the energy company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be given a $0.08 dividend. The ex-dividend date of this dividend is Thursday, June 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 0.76%. Devon Energy’s dividend payout ratio (DPR) is 38.10%.

Several hedge funds have recently bought and sold shares of DVN. Oliver Luxxe Assets LLC bought a new position in shares of Devon Energy in the 4th quarter worth about $910,000. Bank of Montreal Can raised its position in shares of Devon Energy by 301.0% in the 4th quarter. Bank of Montreal Can now owns 744,419 shares of the energy company’s stock worth $30,819,000 after acquiring an additional 558,772 shares in the last quarter. National Pension Service raised its position in shares of Devon Energy by 11.6% in the 4th quarter. National Pension Service now owns 531,256 shares of the energy company’s stock worth $21,994,000 after acquiring an additional 55,035 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Devon Energy by 3.3% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 2,020,205 shares of the energy company’s stock worth $83,637,000 after acquiring an additional 63,958 shares in the last quarter. Finally, Westpac Banking Corp raised its position in shares of Devon Energy by 27.3% in the 4th quarter. Westpac Banking Corp now owns 100,784 shares of the energy company’s stock worth $4,172,000 after acquiring an additional 21,590 shares in the last quarter. 84.54% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts have recently commented on the company. Royal Bank of Canada set a $43.00 price target on Devon Energy and gave the company a “buy” rating in a research note on Friday, February 23rd. Jefferies Group reiterated a “buy” rating and issued a $52.00 price target on shares of Devon Energy in a research note on Tuesday, January 30th. Howard Weil cut Devon Energy from a “focus stock” rating to a “sector outperform” rating in a research note on Thursday, April 12th. Stifel Nicolaus set a $68.00 price target on Devon Energy and gave the company a “buy” rating in a research note on Tuesday, April 24th. Finally, KLR Group cut Devon Energy from a “buy” rating to a “hold” rating and set a $49.00 price target for the company. in a research note on Tuesday, January 23rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $45.35.

About Devon Energy

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

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