Devon Energy (NYSE:DVN) Trading Down 0.6% – Should You Sell?

Devon Energy Co. (NYSE:DVN) was down 0.6% on Thursday . The company traded as low as $30.90 and last traded at $31.06. Approximately 2,011,977 shares changed hands during trading, a decline of 74% from the average daily volume of 7,765,158 shares. The stock had previously closed at $31.24.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Raymond James reduced their price objective on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Barclays decreased their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Jefferies Financial Group began coverage on Devon Energy in a research report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price on the stock. UBS Group lowered their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Finally, Morgan Stanley decreased their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $50.05.

Devon Energy Trading Down 0.4 %

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The firm has a market capitalization of $20.43 billion, a price-to-earnings ratio of 5.77, a PEG ratio of 1.10 and a beta of 1.99. The company has a 50-day moving average price of $37.02 and a 200-day moving average price of $41.68.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion for 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%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.65 earnings per share. As a group, research analysts forecast that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.83%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DVN. Geode Capital Management LLC increased its position in Devon Energy by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after acquiring an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy in the 3rd quarter valued at approximately $461,857,000. Pacer Advisors Inc. increased its holdings in shares of Devon Energy by 16.9% in the third 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 during the period. EnCap Partners GP LLC purchased a new stake in shares of Devon Energy during the third quarter worth approximately $408,653,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 3.8% during the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after purchasing an additional 361,968 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

About Devon Energy

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.