Devon Energy Co. (NYSE:DVN) Short Interest Update

Devon Energy Co. (NYSE:DVN) saw a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 15,350,000 shares, a decrease of 7.3% from the March 15th total of 16,560,000 shares. Based on an average daily volume of 8,130,000 shares, the days-to-cover ratio is presently 1.9 days. Approximately 2.4% of the shares of the stock are sold short.

Devon Energy Stock Down 0.9 %

NYSE DVN traded down $0.50 during trading hours on Tuesday, hitting $52.19. The company had a trading volume of 6,936,575 shares, compared to its average volume of 8,108,337. Devon Energy has a fifty-two week low of $40.47 and a fifty-two week high of $56.19. The company has a market capitalization of $33.14 billion, a price-to-earnings ratio of 8.89 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. The firm’s 50 day moving average is $47.08 and its 200 day moving average is $45.74.

Devon Energy (NYSE:DVN) last announced 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 firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the firm earned $1.66 EPS. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. Sell-side analysts anticipate that Devon Energy will post 5.02 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. Stockholders of record on Friday, March 15th were paid a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.37%. Devon Energy’s dividend payout ratio is presently 15.09%.

Institutional Trading of Devon Energy

Several large investors have recently modified their holdings of the business. Wahed Invest LLC grew its stake in shares of Devon Energy by 2.1% during the first quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock valued at $469,000 after acquiring an additional 161 shares in the last quarter. Salem Investment Counselors Inc. grew its stake in shares of Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares in the last quarter. Avior Wealth Management LLC grew its stake in shares of Devon Energy by 4.9% during the third quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock valued at $210,000 after acquiring an additional 207 shares in the last quarter. MCF Advisors LLC grew its stake 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 in the last quarter. Finally, Cornerstone Wealth Management LLC grew its stake in shares of Devon Energy by 1.9% during the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock valued at $550,000 after acquiring an additional 218 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on DVN. Stifel Nicolaus reduced their target price on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a report on Friday, March 22nd. UBS Group increased their target price on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $46.00 to $59.00 in a report on Monday, April 1st. Barclays began coverage on Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price for the company. Finally, Mizuho reduced their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Five investment 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 a consensus target price of $57.89.

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.