Devon Energy Co. (NYSE:DVN) Short Interest Update

Devon Energy Co. (NYSE:DVN - Get Free Report) saw a large drop in short interest in March. As of March 31st, there was short interest totalling 15,350,000 shares, a drop of 7.3% from the March 15th total of 16,560,000 shares. Based on an average daily trading volume, of 8,130,000 shares, the days-to-cover ratio is currently 1.9 days. Approximately 2.4% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on DVN. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $55.00 price objective on shares of Devon Energy in a research report on Thursday, March 7th. Wells Fargo & Company upgraded shares of Devon Energy from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Piper Sandler decreased their price objective on Devon Energy from $61.00 to $59.00 and set an "overweight" rating for the company in a report on Wednesday, January 24th. JPMorgan Chase & Co. lifted their price objective on Devon Energy from $57.00 to $62.00 and gave the company an "overweight" rating in a report on Monday, April 8th. Finally, Mizuho reduced their target price on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a report on Thursday, January 11th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $57.89.

Institutional Investors Weigh In On Devon Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Coppell Advisory Solutions LLC acquired a new stake in Devon Energy during the second quarter valued at approximately $25,000. Canada Pension Plan Investment Board bought a new position in Devon Energy in the 1st quarter worth approximately $26,000. KB Financial Partners LLC acquired a new position in shares of Devon Energy during the 1st quarter valued at $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Devon Energy during the 3rd quarter valued at $27,000. Finally, Manchester Capital Management LLC acquired a new position in shares of Devon Energy during the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Trading Down 0.9 %

Devon Energy stock traded down $0.49 during trading on Tuesday, hitting $52.19. The company's stock had a trading volume of 6,989,598 shares, compared to its average volume of 8,108,337. The stock's fifty day moving average is $47.30 and its 200 day moving average is $45.78. Devon Energy has a 1-year low of $40.47 and a 1-year high of $56.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The stock has a market capitalization of $33.14 billion, a price-to-earnings ratio of 8.95 and a beta of 2.19.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the business earned $1.66 earnings per share. The firm's quarterly revenue was down 3.6% compared to the same quarter last year. As a group, equities research analysts predict that Devon Energy will post 5.02 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy's dividend payout ratio (DPR) is presently 15.09%.

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.