Devon Energy (NYSE:DVN) Shares Down 0.4%

Devon Energy Co. (NYSE:DVN - Get Free Report)'s stock price was down 0.4% during trading on Monday . The stock traded as low as $53.21 and last traded at $53.22. Approximately 1,747,502 shares traded hands during trading, a decline of 78% from the average daily volume of 8,035,641 shares. The stock had previously closed at $53.42.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on DVN shares. Mizuho dropped their price target on Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research note on Thursday, January 11th. Truist Financial dropped their price target on Devon Energy from $69.00 to $66.00 and set a "buy" rating for the company in a research note on Friday, April 5th. Citigroup upped their price target on Devon Energy from $55.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday. Morgan Stanley increased their target price on Devon Energy from $49.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday. Finally, Piper Sandler lowered their target price on Devon Energy from $61.00 to $59.00 and set an "overweight" rating for the company in a research note on Wednesday, January 24th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.89.

Devon Energy Trading Down 1.4 %

The company has a market capitalization of $33.45 billion, a price-to-earnings ratio of 9.04 and a beta of 2.19. The firm has a 50-day moving average price of $47.08 and a 200-day moving average price of $45.74. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

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

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.34%. The ex-dividend date was Thursday, March 14th. Devon Energy's dividend payout ratio is presently 15.09%.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in shares of Devon Energy by 6.2% during the 1st quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company's stock worth $715,360,000 after acquiring an additional 823,626 shares in the last quarter. Morgan Stanley boosted its position in shares of Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company's stock worth $555,567,000 after buying an additional 2,220,194 shares during the period. Victory Capital Management Inc. boosted its position in shares of Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company's stock worth $386,832,000 after buying an additional 68,339 shares during the period. Raymond James & Associates boosted its position in shares of Devon Energy by 5.0% in the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company's stock worth $402,095,000 after buying an additional 402,055 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Devon Energy by 1.4% in the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company's stock worth $435,881,000 after buying an additional 99,059 shares during the period. 69.72% of the stock is owned by institutional investors.

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.