Devon Energy (NYSE:DVN) Shares Down 5.9%

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Devon Energy Corp (NYSE:DVN) dropped 5.9% during mid-day trading on Friday . The stock traded as low as $21.58 and last traded at $21.68, approximately 9,246,698 shares traded hands during trading. An increase of 29% from the average daily volume of 7,148,544 shares. The stock had previously closed at $23.03.

DVN has been the topic of several research reports. MKM Partners set a $32.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research report on Monday, August 12th. Mitsubishi UFJ Financial Group upped their price target on shares of Devon Energy to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Royal Bank of Canada set a $42.00 price target on shares of Devon Energy and gave the stock a “hold” rating in a research report on Thursday, May 2nd. Guggenheim set a $35.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research report on Wednesday. Finally, Seaport Global Securities reiterated a “buy” rating on shares of Devon Energy in a research report on Friday, June 21st. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Devon Energy has an average rating of “Hold” and an average price target of $37.09.

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.49 and a current ratio of 1.49. The company has a market capitalization of $9.31 billion, a price-to-earnings ratio of 16.81, a P/E/G ratio of 1.67 and a beta of 2.27. The business’s 50-day simple moving average is $25.46 and its 200-day simple moving average is $28.40.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.07. The company had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $2.09 billion. Devon Energy had a net margin of 39.80% and a return on equity of 8.42%. The company’s revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.34 EPS. On average, analysts forecast that Devon Energy Corp will post 1.29 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.09 dividend. The ex-dividend date is Thursday, September 12th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.66%. Devon Energy’s dividend payout ratio (DPR) is presently 27.91%.

In other news, CAO Jeremy D. Humphers sold 4,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $25.40, for a total value of $101,600.00. Following the completion of the sale, the chief accounting officer now directly owns 81,914 shares of the company’s stock, valued at approximately $2,080,615.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.63% of the company’s stock.

Several hedge funds have recently made changes to their positions in DVN. Neuberger Berman Group LLC increased its stake in Devon Energy by 5.9% during the 1st quarter. Neuberger Berman Group LLC now owns 746,436 shares of the energy company’s stock worth $23,557,000 after purchasing an additional 41,399 shares in the last quarter. River & Mercantile Asset Management LLP increased its stake in Devon Energy by 7.5% during the 1st quarter. River & Mercantile Asset Management LLP now owns 245,017 shares of the energy company’s stock worth $7,732,000 after purchasing an additional 17,200 shares in the last quarter. Clearbridge Investments LLC increased its stake in Devon Energy by 15.8% during the 1st quarter. Clearbridge Investments LLC now owns 3,488,973 shares of the energy company’s stock worth $110,112,000 after purchasing an additional 476,337 shares in the last quarter. Tredje AP fonden increased its stake in Devon Energy by 22.7% during the 1st quarter. Tredje AP fonden now owns 37,879 shares of the energy company’s stock worth $1,195,000 after purchasing an additional 7,014 shares in the last quarter. Finally, Pratt Collard Advisory Partners LLC increased its stake in Devon Energy by 5.6% during the 2nd quarter. Pratt Collard Advisory Partners LLC now owns 28,542 shares of the energy company’s stock worth $814,000 after purchasing an additional 1,515 shares in the last quarter. 85.87% of the stock is owned by institutional investors.

About Devon Energy (NYSE:DVN)

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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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