Devon Energy Co. (NYSE:DVN) Sees Significant Drop in Short Interest

Devon Energy Co. (NYSE:DVN) saw a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 15,350,000 shares, a decline of 7.3% from the March 15th total of 16,560,000 shares. Based on an average daily trading volume, of 8,130,000 shares, the short-interest ratio is currently 1.9 days. Currently, 2.4% of the company’s stock are sold short.

Devon Energy Price Performance

Shares of NYSE:DVN traded down $0.49 during trading on Tuesday, hitting $52.19. 6,989,598 shares of the company’s stock were exchanged, compared to its average volume of 8,108,337. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. Devon Energy has a 52-week low of $40.47 and a 52-week high of $56.19. The business’s 50-day simple moving average is $47.30 and its 200 day simple moving average is $45.78. The company has a market cap of $33.14 billion, a price-to-earnings ratio of 8.95 and a beta of 2.19.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the previous year, the firm posted $1.66 earnings per share. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, equities analysts predict that Devon Energy will post 5.02 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.37%. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently modified their holdings of the business. Coppell Advisory Solutions LLC acquired a new stake in Devon Energy during the 2nd quarter worth about $25,000. Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy in the first quarter worth about $26,000. KB Financial Partners LLC purchased a new position in Devon Energy during the first quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Devon Energy in the 3rd quarter worth $27,000. Finally, Manchester Capital Management LLC purchased a new position in Devon Energy in the 4th quarter valued at about $28,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Raymond James cut their price target on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Morgan Stanley upped their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday. JPMorgan Chase & Co. upped their price target on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Barclays assumed coverage on Devon Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective for the company. Finally, Citigroup upped their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $57.89.

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.