Devon Energy Co. (NYSE:DVN) Short Interest Up 7.4% in November

Devon Energy Co. (NYSE:DVN) was the recipient of a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 20,340,000 shares, a growth of 7.4% from the October 31st total of 18,940,000 shares. Based on an average trading volume of 8,200,000 shares, the short-interest ratio is currently 2.5 days. Currently, 3.2% of the company’s stock are sold short.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. EnCap Energy Capital Fund XI L.P. purchased a new position in Devon Energy during the 3rd quarter valued at approximately $461,857,000. EnCap Partners GP LLC bought a new position in shares of Devon Energy during the 3rd quarter valued at approximately $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in shares of Devon Energy in the third quarter valued at $230,928,000. International Assets Investment Management LLC increased its position in Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after purchasing an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. increased its position in Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $37.58 on Wednesday. The stock has a market cap of $24.69 billion, a P/E ratio of 6.97, a P/E/G ratio of 1.19 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The stock’s fifty day moving average is $39.61 and its 200 day moving average is $43.39. Devon Energy has a one year low of $37.15 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the company earned $1.65 earnings per share. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. Sell-side analysts anticipate that Devon Energy will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued 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 yield of 2.34%. Devon Energy’s dividend payout ratio is presently 16.33%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on DVN shares. Evercore ISI decreased their price objective on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. JPMorgan Chase & Co. lowered their price target on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Benchmark restated a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Raymond James lowered their target price on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Finally, Piper Sandler upped their price target on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Hold” and an average target price of $51.15.

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.