Devon Energy Co. (NYSE:DVN) Short Interest Up 22.5% in December

Devon Energy Co. (NYSE:DVN) was the recipient of a large increase in short interest in December. As of December 15th, there was short interest totalling 25,880,000 shares, an increase of 22.5% from the November 30th total of 21,120,000 shares. Based on an average daily trading volume, of 9,640,000 shares, the days-to-cover ratio is presently 2.7 days. Currently, 4.2% of the shares of the company are short sold.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of DVN. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Devon Energy by 21.1% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 27,823 shares of the energy company’s stock worth $1,319,000 after acquiring an additional 4,848 shares during the last quarter. Rothschild Investment LLC purchased a new stake in Devon Energy during the second quarter valued at about $1,867,000. Concurrent Investment Advisors LLC lifted its stake in Devon Energy by 88.8% during the second quarter. Concurrent Investment Advisors LLC now owns 75,379 shares of the energy company’s stock worth $3,573,000 after purchasing an additional 35,454 shares during the last quarter. Sage Mountain Advisors LLC purchased a new position in shares of Devon Energy in the 2nd quarter worth about $200,000. Finally, Graypoint LLC increased its position in shares of Devon Energy by 22.8% during the 2nd quarter. Graypoint LLC now owns 10,338 shares of the energy company’s stock valued at $490,000 after purchasing an additional 1,918 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of Devon Energy stock traded up $0.76 during trading on Tuesday, hitting $32.73. The stock had a trading volume of 10,399,120 shares, compared to its average volume of 7,827,665. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy has a 12 month low of $30.39 and a 12 month high of $55.09. The firm has a market cap of $21.50 billion, a price-to-earnings ratio of 6.07, a P/E/G ratio of 1.10 and a beta of 1.99. The business’s 50-day moving average is $36.48 and its 200 day moving average is $41.32.

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

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, December 25th. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research report on Tuesday, September 3rd. Mizuho reduced their price objective on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Barclays dropped their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a research note on Thursday, December 5th. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Hold” and an average target price of $50.05.

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.