Devon Energy (NYSE:DVN) Shares Down 1%

Devon Energy Co. (NYSE:DVN) fell 1% during mid-day trading on Thursday . The stock traded as low as $51.43 and last traded at $51.58. 1,741,717 shares traded hands during trading, a decline of 78% from the average session volume of 7,836,701 shares. The stock had previously closed at $52.10.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on DVN. Morgan Stanley increased their target price on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. UBS Group increased their target price on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Citigroup increased their target price on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Scotiabank raised their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Finally, Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $58.33.

Devon Energy Price Performance

The stock has a market cap of $33.41 billion, a PE ratio of 8.85 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The firm’s 50 day moving average price is $48.51 and its two-hundred day moving average price is $46.09.

Devon Energy (NYSE:DVN) last posted its earnings results 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 net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the company earned $1.66 earnings per share. The company’s revenue was down 3.6% on a year-over-year basis. On average, research analysts expect that Devon Energy Co. will post 5.22 earnings per share for the current year.

Devon Energy Cuts Dividend

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

Institutional Investors Weigh In On Devon Energy

Hedge funds have recently bought and sold shares of the stock. Avior Wealth Management LLC lifted its holdings in shares of Devon Energy by 4.9% in 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 during the last quarter. Private Trust Co. NA increased its stake in shares of Devon Energy by 1.6% in the third quarter. Private Trust Co. NA now owns 18,020 shares of the energy company’s stock worth $860,000 after buying an additional 291 shares during the period. Caprock Group LLC increased its position in Devon Energy by 41.0% during the 3rd quarter. Caprock Group LLC now owns 14,325 shares of the energy company’s stock valued at $683,000 after purchasing an additional 4,162 shares during the period. Greenwood Capital Associates LLC increased its position in Devon Energy by 4.1% during the 3rd quarter. Greenwood Capital Associates LLC now owns 22,751 shares of the energy company’s stock valued at $1,085,000 after purchasing an additional 886 shares during the period. Finally, Galvin Gaustad & Stein LLC increased its position 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 valued at $306,000 after purchasing an additional 504 shares during the period. 69.72% of the stock is currently owned by institutional investors.

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.