Stock Traders Purchase High Volume of Devon Energy Call Options (NYSE:DVN)

Devon Energy Corporation (NYSE:DVN) was the recipient of unusually large options trading on Wednesday. Traders acquired 38,111 call options on the stock. This represents an increase of approximately 46% compared to the typical volume of 26,047 call options.

Devon Energy Price Performance

Shares of NYSE:DVN traded down $0.39 on Wednesday, hitting $49.99. The company had a trading volume of 4,573,331 shares, compared to its average volume of 12,945,383. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The company has a market cap of $54.99 billion, a PE ratio of 11.89, a PEG ratio of 1.35 and a beta of 0.49. Devon Energy has a 52-week low of $31.65 and a 52-week high of $52.71. The business has a 50 day moving average of $48.27 and a 200 day moving average of $46.30.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same quarter last year, the business earned $0.84 earnings per share. Devon Energy’s revenue was up 73.1% compared to the same quarter last year. As a group, equities analysts anticipate that Devon Energy will post 5.39 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.6%. Devon Energy’s dividend payout ratio is 30.40%.

Insider Buying and Selling

In related news, CEO Clay Gaspar acquired 3,913 shares of the business’s stock in a transaction on Monday, September 14th. The shares were bought at an average price of $51.08 per share, with a total value of $199,876.04. Following the completion of the acquisition, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. This trade represents a 0.64% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the transaction, the executive vice president directly owned 72,720 shares in the company, valued at $3,705,084. This trade represents a 8.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 4.58% of the company’s stock.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. Capstone Capital Management Ltd raised its position in Devon Energy by 12.8% in the third quarter. Capstone Capital Management Ltd now owns 21,272 shares of the energy company’s stock valued at $979,000 after purchasing an additional 2,412 shares during the period. Physician Wealth Advisors Inc. grew its position in Devon Energy by 32.4% in the third quarter. Physician Wealth Advisors Inc. now owns 1,062 shares of the energy company’s stock valued at $49,000 after acquiring an additional 260 shares in the last quarter. Uncommon Cents Investing Inc lifted its position in shares of Devon Energy by 8.9% during the third quarter. Uncommon Cents Investing Inc now owns 12,232 shares of the energy company’s stock worth $563,000 after purchasing an additional 1,000 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in Devon Energy by 2.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 496,008 shares of the energy company’s stock valued at $22,836,000 after purchasing an additional 10,550 shares in the last quarter. Finally, Diversify Advisory Services LLC purchased a new position in Devon Energy in the 3rd quarter valued at about $497,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on DVN shares. JPMorgan Chase & Co. upped their price objective on Devon Energy from $60.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, October 2nd. Raymond James Financial raised their target price on shares of Devon Energy from $64.00 to $67.00 and gave the stock a “strong-buy” rating in a research note on Monday, September 14th. Susquehanna raised their price objective on shares of Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Scotiabank began coverage on Devon Energy in a research note on Wednesday, October 14th. They set a “sector outperform” rating and a $61.00 target price for the company. Finally, The Goldman Sachs Group decreased their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $60.72.

Devon Energy Company Profile

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.