Devon Energy (NYSE:DVN) Stock Price Down 1.6%

Shares of Devon Energy Co. (NYSE:DVN - Get Free Report) dropped 1.6% on Tuesday . The company traded as low as $51.55 and last traded at $51.83. Approximately 2,242,030 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 8,040,615 shares. The stock had previously closed at $52.68.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of analyst reports. Scotiabank increased their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the stock a "sector outperform" rating in a report on Thursday, April 11th. Wells Fargo & Company upgraded shares of Devon Energy from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Morgan Stanley raised their target price on shares of Devon Energy from $49.00 to $50.00 and gave the stock an "overweight" rating in a report on Monday. Royal Bank of Canada reissued a "sector perform" rating and issued a $55.00 price target on shares of Devon Energy in a research report on Thursday, March 7th. Finally, Citigroup increased their price target on shares of Devon Energy from $55.00 to $62.00 and gave the stock a "buy" rating in a research report on Thursday, April 11th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $57.89.

Devon Energy Stock Performance

The firm's 50 day moving average price is $47.30 and its 200-day moving average price is $45.78. The firm has a market cap of $33.14 billion, a price-to-earnings ratio of 8.95 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

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 for the quarter, topping analysts' consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the company earned $1.66 earnings per share. The business's revenue was down 3.6% compared to the same quarter last year. On average, analysts anticipate that Devon Energy Co. will post 5.02 earnings per share for the current year.

Devon Energy Cuts Dividend

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

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently bought and sold shares of the business. MCF Advisors LLC lifted its holdings in shares of Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company's stock valued at $202,000 after acquiring an additional 215 shares during the period. First Dallas Securities Inc. lifted its holdings in shares of Devon Energy by 83.0% during the first quarter. First Dallas Securities Inc. now owns 13,562 shares of the energy company's stock valued at $681,000 after acquiring an additional 6,151 shares during the period. Hodges Capital Management Inc. lifted its holdings in shares of Devon Energy by 3.5% during the first quarter. Hodges Capital Management Inc. now owns 18,443 shares of the energy company's stock valued at $925,000 after acquiring an additional 631 shares during the period. 180 Wealth Advisors LLC lifted its holdings in shares of Devon Energy by 30.5% during the first quarter. 180 Wealth Advisors LLC now owns 18,296 shares of the energy company's stock valued at $918,000 after acquiring an additional 4,273 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Devon Energy by 63.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,420,702 shares of the energy company's stock valued at $71,291,000 after acquiring an additional 551,004 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

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.