Traders bought shares of Devon Energy (NYSE:DVN) on weakness during trading hours on Thursday. $91.93 million flowed into the stock on the tick-up and $32.53 million flowed out of the stock on the tick-down, for a money net flow of $59.40 million into the stock. Of all stocks tracked, Devon Energy had the 33rd highest net in-flow for the day. Devon Energy traded down ($0.63) for the day and closed at $32.29
DVN has been the topic of several research reports. Stifel Nicolaus set a $68.00 price objective on Devon Energy and gave the stock a “buy” rating in a report on Tuesday, January 30th. Credit Suisse Group set a $50.00 price objective on Devon Energy and gave the stock a “buy” rating in a report on Tuesday, January 23rd. They noted that the move was a valuation call. Cowen set a $51.00 price objective on Devon Energy and gave the stock a “buy” rating in a report on Thursday, January 18th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $42.00 price objective on shares of Devon Energy in a report on Tuesday, January 9th. Finally, KLR Group raised Devon Energy from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a report on Friday, February 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have issued a buy rating to the company’s stock. Devon Energy has an average rating of “Buy” and an average target price of $45.60.
The company has a debt-to-equity ratio of 0.73, a current ratio of 1.45 and a quick ratio of 1.45. The stock has a market capitalization of $16,598.45, a price-to-earnings ratio of 12.18, a PEG ratio of 2.41 and a beta of 2.26.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.99%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s dividend payout ratio (DPR) is currently 9.06%.
Devon Energy announced that its Board of Directors has authorized a share buyback plan on Wednesday, March 7th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the energy company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
A number of institutional investors and hedge funds have recently made changes to their positions in DVN. Taylor Hoffman Wealth Management purchased a new stake in Devon Energy in the 4th quarter valued at approximately $102,000. NuWave Investment Management LLC purchased a new stake in Devon Energy in the 4th quarter valued at approximately $111,000. FNY Managed Accounts LLC purchased a new stake in Devon Energy in the 3rd quarter valued at approximately $134,000. Advisory Services Network LLC boosted its holdings in Devon Energy by 127.8% in the 4th quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock valued at $143,000 after purchasing an additional 1,933 shares in the last quarter. Finally, Icon Wealth Partners LLC purchased a new stake in Devon Energy in the 4th quarter valued at approximately $144,000. 82.19% of the stock is currently owned by institutional investors.
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About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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