Devon Energy Sees Unusually Large Options Volume (NYSE:DVN)

Key Points

• Devon Energy experienced a 59% increase in call options trading volume, with 33,504 options purchased compared to an average of 21,091.
• Director Kelt Kindick sold 7,685 shares of stock, representing a 19.46% decrease in their stake, valued at approximately $257,140.
• This quarter, Devon reported $0.84 earnings per share (EPS), beating expectations of $0.83, with a revenue of $4.28 billion, exceeding analysts' forecasts of $4.01 billion.

Devon Energy Corporation (NYSE:DVN - Get Free Report) was the target of some unusual options trading on Friday. Stock traders purchased 33,504 call options on the company. This represents an increase of 59% compared to the average daily volume of 21,091 call options.

Insider Activity

In related news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.71% of the stock is currently owned by corporate insiders.

Institutional Trading of Devon Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Opal Wealth Advisors LLC bought a new position in Devon Energy in the 2nd quarter valued at $25,000. Caldwell Trust Co bought a new position in Devon Energy in the 2nd quarter valued at $25,000. Financial Gravity Asset Management Inc. bought a new position in Devon Energy in the 1st quarter valued at $26,000. Banque Cantonale Vaudoise bought a new position in Devon Energy in the 1st quarter valued at $26,000. Finally, Trust Co. of Vermont grew its position in Devon Energy by 241.3% in the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company's stock valued at $30,000 after acquiring an additional 666 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 DVN traded up $1.24 during mid-day trading on Friday, hitting $37.00. 4,532,310 shares of the stock were exchanged, compared to its average volume of 8,712,397. The company has a market cap of $23.48 billion, a PE ratio of 8.29, a price-to-earnings-growth ratio of 2.04 and a beta of 1.09. Devon Energy has a 52-week low of $25.89 and a 52-week high of $43.29. The firm has a 50-day moving average of $34.15 and a two-hundred day moving average of $33.15. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.01. The business had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.41 EPS. On average, equities analysts predict that Devon Energy will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.6%. The ex-dividend date is Monday, September 15th. Devon Energy's dividend payout ratio is presently 21.52%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on DVN shares. Barclays boosted their price objective on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Tudor, Pickering, Holt & Co. boosted their price objective on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Scotiabank reissued an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. Morgan Stanley boosted their price target on Devon Energy from $46.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Finally, William Blair started coverage on Devon Energy in a report on Monday, August 25th. They issued an "outperform" rating on the stock. Sixteen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $44.04.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.