Devon Energy (NYSE:DVN) Shares Down 3.6% - Here's What Happened

Key Points

• Devon Energy shares fell about 3.6% to roughly $45.56 on Tuesday, with just 1.72 million shares traded — an 87% drop from the stock's average session volume.
• Several analysts raised price targets (e.g., Piper Sandler to $67, Mizuho to $62), and the stock carries a MarketBeat consensus rating of Moderate Buy with a consensus target of $53.29.
• Devon slightly beat quarterly expectations (EPS $0.82 vs. $0.81; revenue $4.12B vs. $3.67B) despite a 6.4% revenue decline year-over-year, and it pays a $0.24 quarterly dividend (≈2.1% yield).

Devon Energy Corporation (NYSE:DVN - Get Free Report) traded down 3.6% on Tuesday . The company traded as low as $45.51 and last traded at $45.5620. 1,721,008 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 13,730,195 shares. The stock had previously closed at $47.27.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Piper Sandler increased their target price on Devon Energy from $59.00 to $67.00 and gave the stock an "overweight" rating in a research note on Thursday, March 12th. Scotiabank upgraded shares of Devon Energy to a "hold" rating in a research note on Friday, March 27th. Mizuho increased their price target on shares of Devon Energy from $51.00 to $62.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 17th. Raymond James Financial raised their price objective on shares of Devon Energy from $44.00 to $52.00 and gave the company an "outperform" rating in a research note on Wednesday, February 11th. Finally, Wolfe Research lifted their price objective on shares of Devon Energy from $64.00 to $65.00 and gave the company an "outperform" rating in a report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.29.

Devon Energy Trading Down 4.6%

The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. The company has a market cap of $28.04 billion, a PE ratio of 10.81, a P/E/G ratio of 0.93 and a beta of 0.47. The company has a fifty day simple moving average of $46.19 and a two-hundred day simple moving average of $39.33.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The business had revenue of $4.12 billion during the quarter, compared to analysts' expectations of $3.67 billion. During the same quarter last year, the business posted $1.10 EPS. The business's quarterly revenue was down 6.4% compared to the same quarter last year. Analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, March 13th. Devon Energy's payout ratio is 23.02%.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of DVN. Pacer Advisors Inc. increased its holdings in Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company's stock valued at $233,953,000 after buying an additional 6,097,658 shares during the last quarter. Panagora Asset Management Inc. lifted its holdings in Devon Energy by 42,376.5% during the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company's stock worth $132,206,000 after buying an additional 3,600,731 shares during the last quarter. Kimmeridge Energy Management Company LLC boosted its position in shares of Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock worth $324,204,000 after acquiring an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock worth $202,327,000 after acquiring an additional 2,802,137 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Devon Energy by 608.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company's stock valued at $98,721,000 after acquiring an additional 2,314,843 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Company Profile

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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