Devon Energy (NYSE:DVN) Shares Down 0%

Devon Energy Co. (NYSE:DVN - Get Free Report)'s share price was down 0% during trading on Monday . The company traded as low as $52.50 and last traded at $52.69. Approximately 1,063,863 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 7,771,291 shares. The stock had previously closed at $52.71.

Analysts Set New Price Targets

A number of analysts have recently commented on DVN shares. Scotiabank boosted their price objective on Devon Energy from $53.00 to $67.00 and gave the company a "sector outperform" rating in a research report on Thursday, April 11th. UBS Group boosted their price objective on Devon Energy from $48.00 to $57.00 and gave the company a "neutral" rating in a research report on Wednesday, April 10th. Truist Financial lifted their price target on Devon Energy from $66.00 to $69.00 and gave the stock a "buy" rating in a research note on Monday, April 22nd. Piper Sandler lifted their price target on Devon Energy from $59.00 to $60.00 and gave the stock an "overweight" rating in a research note on Friday, April 19th. Finally, Raymond James lowered their price target on Devon Energy from $53.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, January 24th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $58.33.

Devon Energy Price Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The company has a market cap of $33.71 billion, a price-to-earnings ratio of 9.10 and a beta of 2.19. The stock has a 50 day simple moving average of $49.07 and a two-hundred day simple moving average of $46.22.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 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 company 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 business earned $1.66 earnings per share. The company's revenue for the quarter was down 3.6% on a year-over-year basis. On average, equities research analysts predict that Devon Energy Co. will post 5.28 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.44 dividend. 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 3.32%. Devon Energy's dividend payout ratio is currently 15.09%.

Institutional Investors Weigh In On Devon Energy

Several institutional investors and hedge funds have recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Devon Energy in the 3rd quarter valued at about $27,000. Manchester Capital Management LLC purchased a new position in shares of Devon Energy in the 4th quarter valued at about $28,000. Tradewinds Capital Management LLC purchased a new position in Devon Energy during the 1st quarter worth approximately $30,000. Sound Income Strategies LLC grew its stake in Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company's stock worth $31,000 after buying an additional 255 shares during the last quarter. Finally, Rise Advisors LLC grew its stake in Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company's stock worth $33,000 after buying an additional 669 shares during the last quarter. Hedge funds and other institutional investors 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.