Devon Energy (NYSE:DVN) Shares Break Below 50 Day Moving Average – Here’s What Happened

Devon Energy Corporation (NYSE:DVN) shares passed below its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $48.89 and traded as low as $48.50. Devon Energy shares last traded at $48.5810, with a volume of 11,263,925 shares traded.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, October 3rd. Wells Fargo & Company decreased their target price on shares of Devon Energy from $65.00 to $64.00 and set an “overweight” rating on the stock in a research report on Monday, September 28th. Susquehanna boosted their price objective on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Argus reissued a “buy” rating and set a $45.85 price objective on shares of Devon Energy in a research note on Monday, August 17th. Finally, Seaport Research Partners assumed coverage on Devon Energy in a research report on Thursday, September 3rd. They set a “buy” rating and a $65.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.72.

Devon Energy Price Performance

The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $53.44 billion, a PE ratio of 11.54, a price-to-earnings-growth ratio of 1.33 and a beta of 0.49. The firm’s 50 day simple moving average is $48.89 and its 200 day simple moving average is $45.89.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.84 earnings per share. As a group, research analysts anticipate that Devon Energy Corporation will post 5.49 EPS for the current fiscal year.

Insider Activity

In related news, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the sale, the executive vice president directly owned 72,720 shares of the company’s stock, valued at $3,705,084. This represents a 8.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Clay Gaspar acquired 3,913 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was purchased at an average cost of $51.08 per share, with a total value of $199,876.04. Following the purchase, the chief executive officer owned 619,152 shares of the company’s stock, valued at $31,626,284.16. The trade was a 0.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 4.58% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently modified their holdings of DVN. CenterBook Partners LP bought a new stake in shares of Devon Energy during the third quarter worth $424,000. Asset One Wealth Management LLC purchased a new stake in shares of Devon Energy during the third quarter valued at $248,000. Heritage Family Offices LLP bought a new position in shares of Devon Energy in the third quarter worth about $120,000. Allegiance Financial Group Advisory Services LLC bought a new position in shares of Devon Energy in the third quarter worth about $241,000. Finally, Alta Advisers Ltd bought a new position in shares of Devon Energy in the third quarter worth about $380,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Company Profile

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.