Devon Energy (NYSE:DVN) Stock Price Down 0.6% - What's Next?

Devon Energy Co. (NYSE:DVN - Get Free Report)'s stock price fell 0.6% during mid-day trading on Thursday . The stock traded as low as $30.90 and last traded at $31.06. 2,011,977 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 7,765,158 shares. The stock had previously closed at $31.24.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Jefferies Financial Group began coverage on Devon Energy in a research note on Thursday, October 3rd. They set a "hold" rating and a $45.00 target price for the company. Raymond James decreased their price objective on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Barclays cut their target price on shares of Devon Energy from $55.00 to $46.00 and set an "equal weight" rating for the company in a research note on Thursday, October 3rd. Royal Bank of Canada reiterated a "sector perform" rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. downgraded shares of Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 price objective for the company. in a research report on Thursday, December 5th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $50.05.

Devon Energy Stock Performance

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 business's 50-day moving average is $36.83 and its 200-day moving average is $41.61. The company has a market capitalization of $20.44 billion, a PE ratio of 5.77, a PEG ratio of 1.10 and a beta of 1.99.

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

Devon Energy Announces Dividend

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

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently made changes to their positions in the company. William B. Walkup & Associates Inc. bought a new position in Devon Energy during the 2nd quarter valued at about $1,026,000. Legacy Investment Solutions LLC bought a new position in Devon Energy during the third quarter valued at approximately $8,002,000. Bridgewater Associates LP bought a new stake in Devon Energy in the 3rd quarter worth approximately $9,426,000. Petrus Trust Company LTA lifted its holdings in shares of Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company's stock valued at $854,000 after buying an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc boosted its stake in shares of Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company's stock worth $4,193,000 after buying an additional 6,358 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

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.