Short Interest in Devon Energy Co. (NYSE:DVN) Declines By 18.8%

Devon Energy Co. (NYSE:DVN) was the recipient of a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 17,920,000 shares, a decline of 18.8% from the February 13th total of 22,080,000 shares. Based on an average daily volume of 10,730,000 shares, the short-interest ratio is currently 1.7 days. Currently, 2.9% of the shares of the company are sold short.

Analysts Set New Price Targets

DVN has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their price target on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Mizuho lowered their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Benchmark reiterated a “buy” rating and set a $44.00 price target on shares of Devon Energy in a research report on Thursday, February 20th. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Wednesday, January 15th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.46.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. 111 Capital bought a new position in Devon Energy in the 4th quarter valued at $1,617,000. Thoma Capital Management LLC bought a new position in shares of Devon Energy in the fourth quarter valued at about $530,000. Wealth Enhancement Advisory Services LLC lifted its position in Devon Energy by 112.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,026,396 shares of the energy company’s stock worth $99,054,000 after buying an additional 1,598,579 shares in the last quarter. PKO Investment Management Joint Stock Co bought a new stake in Devon Energy during the 4th quarter worth about $742,000. Finally, Alpha Wealth Funds LLC acquired a new stake in Devon Energy in the 4th quarter valued at about $1,290,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Up 0.7 %

NYSE DVN traded up $0.24 on Tuesday, reaching $35.35. The stock had a trading volume of 7,288,968 shares, compared to its average volume of 7,818,942. The company has a market capitalization of $22.94 billion, a price-to-earnings ratio of 7.75, a P/E/G ratio of 1.20 and a beta of 1.91. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09. The business has a 50 day moving average price of $35.42 and a 200 day moving average price of $37.14.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. On average, analysts forecast that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.72%. The ex-dividend date is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

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.