Devon Energy Co. (NYSE:DVN) Sees Significant Growth in Short Interest

Devon Energy Co. (NYSE:DVN) saw a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 19,200,000 shares, an increase of 9.5% from the August 31st total of 17,540,000 shares. Based on an average trading volume of 6,620,000 shares, the short-interest ratio is currently 2.9 days. Currently, 3.1% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on DVN. JPMorgan Chase & Co. reduced their price target on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Susquehanna decreased their target price on Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Truist Financial cut their price target on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating on the stock in a research report on Monday. Piper Sandler decreased their price objective on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Finally, Wolfe Research assumed coverage on shares of Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Seven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $55.41.

Devon Energy Stock Up 1.7 %

DVN stock traded up $0.65 during midday trading on Tuesday, hitting $39.77. The company’s stock had a trading volume of 12,614,523 shares, compared to its average volume of 7,247,580. The company’s fifty day moving average price is $42.93 and its 200 day moving average price is $46.95. Devon Energy has a twelve month low of $37.76 and a twelve month high of $55.09. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The stock has a market capitalization of $25.13 billion, a P/E ratio of 7.59, a PEG ratio of 1.22 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.18 earnings per share. As a group, equities research analysts predict that Devon Energy will post 5.11 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.21%. Devon Energy’s dividend payout ratio is currently 16.79%.

Institutional Investors Weigh In On Devon Energy

A number of large investors have recently added to or reduced their stakes in DVN. Lazari Capital Management Inc. increased its holdings in shares of Devon Energy by 42.7% in the second quarter. Lazari Capital Management Inc. now owns 31,507 shares of the energy company’s stock valued at $1,493,000 after purchasing an additional 9,423 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Devon Energy in the second quarter valued at approximately $19,139,000. Gordian Capital Singapore Pte Ltd bought a new position in shares of Devon Energy during the second quarter worth approximately $711,000. Dana Investment Advisors Inc. grew its stake in shares of Devon Energy by 117.3% in the second quarter. Dana Investment Advisors Inc. now owns 23,329 shares of the energy company’s stock valued at $1,106,000 after acquiring an additional 12,593 shares in the last quarter. Finally, SPC Financial Inc. increased its position in Devon Energy by 19.1% during the second quarter. SPC Financial Inc. now owns 13,615 shares of the energy company’s stock worth $645,000 after acquiring an additional 2,186 shares during the period. 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.