Short Interest in Devon Energy Co. (NYSE:DVN) Increases By 7.4%

Devon Energy Co. (NYSE:DVN) saw a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 20,340,000 shares, an increase of 7.4% from the October 31st total of 18,940,000 shares. Based on an average daily volume of 8,200,000 shares, the days-to-cover ratio is currently 2.5 days. Approximately 3.2% of the company’s stock are sold short.

Devon Energy Stock Down 0.9 %

DVN opened at $37.61 on Tuesday. The stock has a market capitalization of $24.71 billion, a price-to-earnings ratio of 6.98, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. Devon Energy has a 12 month low of $37.15 and a 12 month high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The business has a 50-day moving average of $39.68 and a two-hundred day moving average of $43.47.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. Devon Energy’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.65 earnings per share. On average, research analysts expect that Devon Energy will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Analyst Ratings Changes

A number of brokerages have recently commented on DVN. Evercore ISI lowered their price objective on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. UBS Group lowered their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Truist Financial lowered shares of Devon Energy from a “buy” rating to a “hold” rating and reduced their price objective for the company from $49.00 to $43.00 in a report on Thursday, November 7th. Citigroup lowered their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Finally, StockNews.com cut Devon Energy from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $51.15.

Hedge Funds Weigh In On Devon Energy

A number of large investors have recently modified their holdings of DVN. EnCap Energy Capital Fund XI L.P. acquired a new stake in Devon Energy during the 3rd quarter worth approximately $461,857,000. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy in the third quarter worth $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in shares of Devon Energy in the 3rd quarter valued at $230,928,000. International Assets Investment Management LLC boosted its position in Devon Energy by 4,125.7% during the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after purchasing an additional 2,226,983 shares during the period. Finally, Pacer Advisors Inc. increased its holdings in Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other 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.