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

Devon Energy Co. (NYSE:DVN) saw a significant increase in short interest in August. As of August 31st, there was short interest totalling 17,540,000 shares, an increase of 6.3% from the August 15th total of 16,500,000 shares. Based on an average daily volume of 6,440,000 shares, the days-to-cover ratio is presently 2.7 days. Currently, 2.8% of the shares of the company are sold short.

Devon Energy Trading Up 2.1 %

Devon Energy stock traded up $0.83 during mid-day trading on Tuesday, hitting $40.47. The company’s stock had a trading volume of 7,488,022 shares, compared to its average volume of 7,110,613. The business has a 50 day moving average price of $44.50 and a 200-day moving average price of $47.42. Devon Energy has a 12 month low of $39.02 and a 12 month high of $55.09. The stock has a market cap of $25.58 billion, a price-to-earnings ratio of 7.72, a price-to-earnings-growth ratio of 1.13 and a beta of 2.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the previous year, the company posted $1.18 EPS. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, analysts forecast that Devon Energy will post 5.36 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Triad Wealth Partners LLC bought a new stake in Devon Energy in the 2nd quarter worth $27,000. Tradewinds Capital Management LLC bought a new position in Devon Energy during the 1st quarter valued at approximately $30,000. 1620 Investment Advisors Inc. purchased a new stake in Devon Energy in the 2nd quarter worth approximately $34,000. Jones Financial Companies Lllp grew its position in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares during the last quarter. Finally, PSI Advisors LLC increased its stake in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on DVN shares. Truist Financial reduced their target price on Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a report on Tuesday, July 9th. Bank of America reissued a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a report on Friday, June 14th. Morgan Stanley decreased their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday. JPMorgan Chase & Co. dropped their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Finally, BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.63.

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.