Devon Energy (NYSE:DVN) Stock Price Down 0.9%

Devon Energy Co. (NYSE:DVN) shares were down 0.9% during mid-day trading on Wednesday . The company traded as low as $51.55 and last traded at $52.18. Approximately 6,991,359 shares changed hands during trading, a decline of 0% from the average daily volume of 7,013,805 shares. The stock had previously closed at $52.68.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Morgan Stanley upped their target price on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday. Stifel Nicolaus reduced their target price on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Piper Sandler reduced their price objective on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Barclays began coverage on Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective on the stock. Finally, Mizuho reduced their price objective on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.89.

Devon Energy Stock Performance

The firm has a market capitalization of $32.66 billion, a price-to-earnings ratio of 8.82 and a beta of 2.19. The company has a 50-day moving average price of $47.69 and a 200-day moving average price of $45.86. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the firm posted $1.66 EPS. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, equities research analysts forecast that Devon Energy Co. will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.42%. Devon Energy’s dividend payout ratio (DPR) is 15.09%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy during the 1st quarter valued at $26,000. Fortis Capital Advisors LLC bought a new position in Devon Energy during the fourth quarter valued at about $31,000. KB Financial Partners LLC acquired a new position in Devon Energy during the first quarter worth about $26,000. Coppell Advisory Solutions LLC acquired a new stake in Devon Energy in the 2nd quarter valued at about $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Devon Energy during the 3rd quarter valued at about $27,000. 69.72% of the stock is currently owned by institutional investors.

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.