Devon Energy Co. (NYSE:DVN – Get Free Report) 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.
Get Our Latest Report on Devon Energy
Hedge Funds Weigh In On Devon Energy
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 – Get Free Report) 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.
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