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

Devon Energy Co. (NYSE:DVN) was the recipient of a significant 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 days-to-cover ratio is currently 1.7 days. Approximately 2.9% of the company’s shares are short sold.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently modified their holdings of DVN. Legacy Investment Solutions LLC purchased a new stake in shares of Devon Energy during the 3rd quarter valued at approximately $8,002,000. Bridgewater Associates LP purchased a new position in shares of Devon Energy in the third quarter worth about $9,426,000. Petrus Trust Company LTA grew its holdings in Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after acquiring an additional 17,415 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after acquiring an additional 6,358 shares in the last quarter. Finally, Smead Capital Management Inc. lifted its stake in shares of Devon Energy by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after purchasing an additional 198,193 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 2.0 %

Shares of Devon Energy stock traded up $0.71 during trading hours on Wednesday, reaching $36.08. The company’s stock had a trading volume of 10,654,857 shares, compared to its average volume of 7,827,897. The company has a market capitalization of $23.41 billion, a P/E ratio of 7.91, a P/E/G ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy has a one year low of $30.39 and a one year high of $55.09. The stock’s fifty day simple moving average is $35.44 and its two-hundred day simple moving average is $37.13.

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

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

Analysts Set New Price Targets

Several research firms have recently weighed in on DVN. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Friday, January 3rd. Mizuho reduced their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Benchmark restated a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a report on Thursday, February 20th. Piper Sandler boosted their price objective on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Finally, Citigroup lowered their target price on Devon Energy from $48.00 to $46.00 and set a “buy” rating for the company in a report on Monday. Ten investment 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 company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.46.

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.