Devon Energy Corp (DVN) Short Interest Update
Devon Energy Corp (NYSE:DVN) saw a large increase in short interest during the month of August. As of August 15th, there was short interest totalling 25,513,605 shares, an increase of 114.0% from the July 31st total of 11,920,556 shares. Currently, 5.0% of the shares of the stock are sold short. Based on an average daily volume of 7,266,487 shares, the days-to-cover ratio is currently 3.5 days.
NYSE DVN opened at $43.13 on Friday. Devon Energy has a 12 month low of $29.83 and a 12 month high of $46.54. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.65 and a current ratio of 1.65. The stock has a market capitalization of $21.82 billion, a price-to-earnings ratio of 68.46, a P/E/G ratio of 3.84 and a beta of 2.18.
Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.03). The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $3.96 billion. Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. During the same quarter last year, the company earned $0.80 earnings per share. analysts predict that Devon Energy will post 1.51 EPS for the current fiscal year.
Devon Energy announced that its Board of Directors has initiated a share buyback program on Wednesday, June 6th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the energy company to repurchase up to 14.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director John E. Bethancourt purchased 12,000 shares of the stock in a transaction dated Thursday, June 7th. The shares were purchased at an average price of $41.90 per share, with a total value of $502,800.00. Following the transaction, the director now owns 56,469 shares in the company, valued at approximately $2,366,051.10. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Lyndon C. Taylor sold 18,357 shares of the business’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $42.09, for a total transaction of $772,646.13. Following the transaction, the executive vice president now directly owns 95,223 shares in the company, valued at approximately $4,007,936.07. The disclosure for this sale can be found here. Insiders own 0.55% of the company’s stock.
A number of large investors have recently modified their holdings of the business. Verition Fund Management LLC increased its stake in Devon Energy by 24.7% during the first quarter. Verition Fund Management LLC now owns 6,300 shares of the energy company’s stock worth $200,000 after purchasing an additional 1,249 shares during the period. Blair William & Co. IL increased its stake in Devon Energy by 5.5% during the first quarter. Blair William & Co. IL now owns 24,811 shares of the energy company’s stock worth $789,000 after purchasing an additional 1,283 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in Devon Energy by 18.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,696 shares of the energy company’s stock worth $382,000 after purchasing an additional 1,382 shares during the period. Dupont Capital Management Corp increased its stake in Devon Energy by 48.5% during the first quarter. Dupont Capital Management Corp now owns 4,660 shares of the energy company’s stock worth $148,000 after purchasing an additional 1,523 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its stake in Devon Energy by 2.3% during the first quarter. Nomura Asset Management Co. Ltd. now owns 72,194 shares of the energy company’s stock worth $2,295,000 after purchasing an additional 1,620 shares during the period. Institutional investors own 84.00% of the company’s stock.
Several research analysts have recently weighed in on DVN shares. BMO Capital Markets reissued a “buy” rating and set a $50.00 price target on shares of Devon Energy in a research report on Tuesday, August 7th. Zacks Investment Research cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Barclays started coverage on shares of Devon Energy in a research report on Wednesday. They set an “overweight” rating and a $49.00 price target on the stock. Jefferies Financial Group set a $53.00 price target on shares of Devon Energy and gave the company a “buy” rating in a research report on Wednesday, July 18th. Finally, ValuEngine cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, August 8th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Devon Energy currently has an average rating of “Buy” and a consensus price target of $50.23.
Devon Energy Company Profile
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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