Devon Energy (NYSE:DVN) Stock Price Down 1.9%

Devon Energy Co. (NYSE:DVN - Get Free Report)'s share price traded down 1.9% during mid-day trading on Tuesday . The stock traded as low as $51.77 and last traded at $52.09. 1,665,242 shares changed hands during trading, a decline of 78% from the average session volume of 7,743,273 shares. The stock had previously closed at $53.08.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on DVN shares. Scotiabank increased their target price on Devon Energy from $53.00 to $67.00 and gave the company a "sector outperform" rating in a report on Thursday, April 11th. Mizuho cut their target price on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research note on Thursday, January 11th. Raymond James decreased their price target on shares of Devon Energy from $53.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, January 24th. Wells Fargo & Company raised shares of Devon Energy from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Finally, Barclays assumed coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They set an "equal weight" rating and a $59.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $58.33.

Devon Energy Stock Performance

The stock's 50-day moving average is $49.07 and its 200-day moving average is $46.22. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The stock has a market cap of $32.50 billion, a price-to-earnings ratio of 8.78 and a beta of 2.19.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business's quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.66 earnings per share. On average, analysts expect that Devon Energy Co. will post 5.28 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy's dividend payout ratio (DPR) is presently 15.09%.

Institutional Investors Weigh In On Devon Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Asset Management One Co. Ltd. grew its position in Devon Energy by 0.6% in the third quarter. Asset Management One Co. Ltd. now owns 254,152 shares of the energy company's stock valued at $12,123,000 after acquiring an additional 1,617 shares in the last quarter. Palouse Capital Management Inc. boosted its position in Devon Energy by 5.8% in the 3rd quarter. Palouse Capital Management Inc. now owns 83,382 shares of the energy company's stock valued at $3,977,000 after buying an additional 4,568 shares during the last quarter. SVB Wealth LLC grew its stake in shares of Devon Energy by 5.6% during the third quarter. SVB Wealth LLC now owns 8,105 shares of the energy company's stock valued at $387,000 after acquiring an additional 430 shares in the last quarter. Pinnacle Associates Ltd. increased its position in shares of Devon Energy by 2.9% during the third quarter. Pinnacle Associates Ltd. now owns 146,894 shares of the energy company's stock worth $7,007,000 after acquiring an additional 4,120 shares during the last quarter. Finally, Financial Management Network Inc. purchased a new stake in shares of Devon Energy during the third quarter worth about $265,000. 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.