Devon Energy (NYSE:DVN) Stock Price Down 2%

Shares of Devon Energy Co. (NYSE:DVN - Get Free Report) dropped 2% during mid-day trading on Wednesday . The company traded as low as $50.08 and last traded at $50.14. Approximately 1,869,256 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 7,740,836 shares. The stock had previously closed at $51.18.

Analyst Ratings Changes

Several research firms have weighed in on DVN. Scotiabank increased their target price 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. Royal Bank of Canada reiterated a "sector perform" rating and issued a $55.00 target price on shares of Devon Energy in a report on Thursday, March 7th. UBS Group raised their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday, April 10th. Stifel Nicolaus raised their price objective on shares of Devon Energy from $65.00 to $66.00 and gave the stock a "buy" rating in a report on Tuesday, April 23rd. Finally, Barclays assumed coverage on shares of Devon Energy in a report on Wednesday, April 10th. They set an "equal weight" rating and a $59.00 price objective on the stock. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $58.33.

Devon Energy Stock Down 1.5 %

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 firm's 50 day simple moving average is $49.23 and its two-hundred day simple moving average is $46.24. The firm has a market cap of $32.00 billion, a price-to-earnings ratio of 8.60 and a beta of 2.19.

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

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.49%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy's dividend payout ratio (DPR) is 15.09%.

Hedge Funds Weigh In On Devon Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Peterson Wealth Services raised its position in shares of Devon Energy by 16.2% in the 1st quarter. Peterson Wealth Services now owns 32,382 shares of the energy company's stock valued at $1,625,000 after buying an additional 4,512 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Devon Energy by 68.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 173,601 shares of the energy company's stock valued at $8,514,000 after buying an additional 70,354 shares in the last quarter. Retirement Group LLC raised its position in shares of Devon Energy by 21.8% in the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company's stock valued at $56,000 after buying an additional 199 shares in the last quarter. Diversify Advisory Services LLC acquired a new position in shares of Devon Energy in the 1st quarter valued at approximately $246,000. Finally, J.W. Cole Advisors Inc. raised its position in shares of Devon Energy by 27.6% in the 1st quarter. J.W. Cole Advisors Inc. now owns 114,473 shares of the energy company's stock valued at $5,744,000 after buying an additional 24,731 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.