Devon Energy (NYSE:DVN) Shares Down 0.9% – What’s Next?

Devon Energy Co. (NYSE:DVN) shares were down 0.9% during trading on Friday . The stock traded as low as $39.01 and last traded at $39.03. Approximately 1,230,767 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 7,407,375 shares. The stock had previously closed at $39.38.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on DVN shares. BMO Capital Markets decreased their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Morgan Stanley cut their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Piper Sandler lowered their price target on Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 15th. Finally, Mizuho decreased their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Hold” and an average price target of $51.80.

Devon Energy Price Performance

The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company has a market cap of $25.28 billion, a price-to-earnings ratio of 7.24, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03. The company has a fifty day moving average price of $40.15 and a two-hundred day moving average price of $44.52.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.65 EPS. As a group, equities research analysts anticipate that Devon Energy Co. will post 4.84 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.29%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy in the second quarter valued at about $27,000. 1620 Investment Advisors Inc. bought a new stake in Devon Energy during the second quarter worth about $34,000. Capital Performance Advisors LLP bought a new stake in Devon Energy during the third quarter worth about $35,000. PSI Advisors LLC raised its holdings in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in Devon Energy during the first quarter worth about $39,000. 69.72% of the stock is owned by institutional investors and hedge funds.

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.