Devon Energy Target of Unusually Large Options Trading (NYSE:DVN)

Devon Energy Corporation (NYSE:DVN - Get Free Report) was the recipient of some unusual options trading on Tuesday. Stock traders purchased 29,962 call options on the stock. This is an increase of approximately 42% compared to the typical daily volume of 21,168 call options.

Institutional Investors Weigh In On Devon Energy

Large investors have recently added to or reduced their stakes in the stock. Keybank National Association OH boosted its holdings in shares of Devon Energy by 19.2% in the 4th quarter. Keybank National Association OH now owns 12,641 shares of the energy company's stock valued at $414,000 after purchasing an additional 2,038 shares in the last quarter. Assetmark Inc. boosted its holdings in shares of Devon Energy by 7.6% in the 4th quarter. Assetmark Inc. now owns 8,983 shares of the energy company's stock valued at $294,000 after purchasing an additional 635 shares in the last quarter. M&T Bank Corp boosted its holdings in shares of Devon Energy by 14.5% in the 4th quarter. M&T Bank Corp now owns 39,858 shares of the energy company's stock valued at $1,304,000 after purchasing an additional 5,057 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Devon Energy in the 4th quarter valued at $4,411,000. Finally, Candriam S.C.A. boosted its holdings in shares of Devon Energy by 39.2% in the 4th quarter. Candriam S.C.A. now owns 61,252 shares of the energy company's stock valued at $2,005,000 after purchasing an additional 17,258 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on DVN. Royal Bank Of Canada lowered their target price on Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a research report on Monday, April 14th. Morgan Stanley lifted their target price on Devon Energy from $42.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday, May 23rd. Scotiabank lowered their target price on Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating on the stock in a research report on Friday, April 11th. Piper Sandler lowered their target price on Devon Energy from $56.00 to $53.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 13th. Finally, UBS Group reduced their price target on Devon Energy from $41.00 to $35.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Devon Energy has an average rating of "Moderate Buy" and an average price target of $43.50.

Devon Energy Stock Performance

Shares of Devon Energy stock traded up $2.28 on Tuesday, hitting $34.96. The stock had a trading volume of 10,014,808 shares, compared to its average volume of 8,859,860. Devon Energy has a twelve month low of $25.89 and a twelve month high of $49.35. The business's 50 day moving average is $32.43 and its two-hundred day moving average is $33.45. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The stock has a market cap of $22.45 billion, a price-to-earnings ratio of 7.96, a price-to-earnings-growth ratio of 2.49 and a beta of 1.02.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The company's quarterly revenue was up 23.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.16 EPS. Analysts forecast that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date was Friday, June 13th. Devon Energy's dividend payout ratio is currently 21.87%.

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.

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