Devon Energy Co. (NYSE:DVN) Sees Large Growth in Short Interest

Devon Energy Co. (NYSE:DVN) saw a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 25,880,000 shares, a growth of 22.5% from the November 30th total of 21,120,000 shares. Based on an average trading volume of 9,640,000 shares, the days-to-cover ratio is currently 2.7 days. Approximately 4.2% of the company’s stock are sold short.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on DVN shares. Scotiabank reduced their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. BMO Capital Markets decreased their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Raymond James dropped their price objective on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Susquehanna decreased their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Finally, JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a research note on Thursday, December 5th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.05.

Institutional Trading of Devon Energy

Several hedge funds have recently modified their holdings of DVN. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of Devon Energy by 21.1% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 27,823 shares of the energy company’s stock worth $1,319,000 after purchasing an additional 4,848 shares during the period. Rothschild Investment LLC purchased a new position in Devon Energy in the second quarter valued at about $1,867,000. Concurrent Investment Advisors LLC lifted its position in shares of Devon Energy by 88.8% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 75,379 shares of the energy company’s stock valued at $3,573,000 after acquiring an additional 35,454 shares during the period. Sage Mountain Advisors LLC purchased a new stake in shares of Devon Energy during the 2nd quarter worth approximately $200,000. Finally, Graypoint LLC grew its holdings in shares of Devon Energy by 22.8% in the 2nd quarter. Graypoint LLC now owns 10,338 shares of the energy company’s stock worth $490,000 after acquiring an additional 1,918 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of Devon Energy stock traded up $0.76 during trading hours on Tuesday, hitting $32.73. 10,329,819 shares of the company were exchanged, compared to its average volume of 7,821,220. The business has a 50-day moving average of $36.48 and a 200-day moving average of $41.32. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09. 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 stock has a market capitalization of $21.50 billion, a price-to-earnings ratio of 6.07, a P/E/G ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last released its earnings results 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 net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the business earned $1.65 EPS. The business’s revenue was up 4.9% on a year-over-year basis. As a group, analysts expect that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

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.