Devon Energy (NYSE:DVN) Trading Down 1.3% – Time to Sell?

Devon Energy Co. (NYSE:DVN)’s share price dropped 1.3% during trading on Friday . The stock traded as low as $38.05 and last traded at $37.93. Approximately 1,890,449 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 10,435,148 shares. The stock had previously closed at $38.42.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Citigroup cut their price target on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. TD Cowen reduced their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Barclays decreased their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Benchmark raised Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Tuesday. Finally, Evercore ISI dropped their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.27.

Devon Energy Stock Performance

The firm has a market capitalization of $24.87 billion, a PE ratio of 7.02, a P/E/G ratio of 1.14 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The company’s fifty day simple moving average is $35.50 and its 200 day simple moving average is $40.39.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the company posted $1.65 EPS. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. As a group, equities research analysts expect that Devon Energy Co. will post 4.72 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date was Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently added to or reduced their stakes in DVN. Capital Performance Advisors LLP bought a new position in shares of Devon Energy in the third quarter worth approximately $35,000. Future Financial Wealth Managment LLC purchased a new position in Devon Energy in the 3rd quarter worth approximately $39,000. True Wealth Design LLC increased its holdings in shares of Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after buying an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. raised its position in shares of Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares in the last quarter. Finally, Activest Wealth Management lifted its holdings in shares of Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after acquiring an additional 480 shares during the last quarter. 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.