Devon Energy Corp. (DVN) Shares Down 2.3%
Devon Energy Corp. (NYSE:DVN) traded down 2.3% on Wednesday . The company traded as low as $40.03 and last traded at $40.19, with a volume of 3,845,205 shares traded. The stock had previously closed at $41.14.
A number of equities research analysts have recently weighed in on the company. Deutsche Bank AG reiterated a “buy” rating on shares of Devon Energy Corp. in a research report on Sunday, July 17th. Morgan Stanley set a $54.00 price objective on Devon Energy Corp. and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Wunderlich lifted their price objective on Devon Energy Corp. from $40.00 to $41.00 and gave the stock a “buy” rating in a research report on Thursday, June 16th. Barclays PLC reiterated a “buy” rating on shares of Devon Energy Corp. in a research report on Thursday, May 26th. Finally, Vetr upgraded Devon Energy Corp. from a “buy” rating to a “strong-buy” rating and set a $49.33 price objective on the stock in a research report on Monday. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-one have assigned a buy rating and two have given a strong buy rating to the company’s stock. Devon Energy Corp. has an average rating of “Buy” and an average target price of $42.07.
The stock’s market cap is $21.04 billion. The company has a 50 day moving average price of $41.73 and a 200-day moving average price of $34.78.
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Devon Energy Corp. (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 2nd. The energy company reported $0.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.19) by $0.25. The business earned $2.49 billion during the quarter, compared to analyst estimates of $2.29 million. Devon Energy Corp. had a positive return on equity of 3.62% and a negative net margin of 114.09%. The company’s revenue was down 26.7% on a year-over-year basis. During the same quarter last year, the business posted $0.78 EPS. Analysts anticipate that Devon Energy Corp. will post ($0.28) EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.60%. Devon Energy Corp.’s payout ratio is currently -0.82%.
In other Devon Energy Corp. news, Director Robert H. Henry sold 7,100 shares of Devon Energy Corp. stock in a transaction dated Monday, June 20th. The stock was sold at an average price of $37.43, for a total transaction of $265,753.00. Following the completion of the transaction, the director now owns 9,748 shares in the company, valued at approximately $364,867.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.98% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. State Street Corp boosted its stake in Devon Energy Corp. by 31.8% in the first quarter. State Street Corp now owns 25,649,107 shares of the energy company’s stock worth $703,812,000 after buying an additional 6,194,903 shares during the period. FMR LLC boosted its stake in Devon Energy Corp. by 95.3% in the second quarter. FMR LLC now owns 12,404,825 shares of the energy company’s stock worth $449,675,000 after buying an additional 6,053,827 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Devon Energy Corp. during the second quarter worth approximately $146,444,000. Norges Bank acquired a new stake in Devon Energy Corp. during the fourth quarter worth approximately $101,666,000. Finally, Vanguard Group Inc. boosted its stake in Devon Energy Corp. by 8.0% in the second quarter. Vanguard Group Inc. now owns 39,324,357 shares of the energy company’s stock worth $1,425,508,000 after buying an additional 2,924,209 shares during the period. Hedge funds and other institutional investors own 75.66% of the company’s stock.
About Devon Energy Corp.
Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.
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