Devon Energy (NYSE:DVN) Trading Down 0.4% – Should You Sell?

Devon Energy Co. (NYSE:DVN)’s share price dropped 0.4% on Friday . The stock traded as low as $33.39 and last traded at $33.79. Approximately 2,745,165 shares traded hands during trading, a decline of 64% from the average daily volume of 7,524,864 shares. The stock had previously closed at $33.91.

Analyst Upgrades and Downgrades

Several equities analysts have commented on DVN shares. StockNews.com cut shares of Devon Energy from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Evercore ISI dropped their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Piper Sandler lifted their price target on Devon Energy from $56.00 to $57.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price for the company. in a research note on Thursday, December 5th. Finally, Jefferies Financial Group started coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective on the stock. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $50.75.

Devon Energy Stock Down 0.1 %

The firm’s 50-day simple moving average is $38.92 and its 200-day simple moving average is $42.72. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The company has a market capitalization of $22.26 billion, a price-to-earnings ratio of 6.27, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the firm posted $1.65 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. Sell-side analysts forecast that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.60%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy in the 2nd quarter worth about $27,000. 1620 Investment Advisors Inc. acquired a new stake in Devon Energy during the 2nd quarter valued at $34,000. Capital Performance Advisors LLP bought a new position in Devon Energy in the 3rd quarter valued at $35,000. PSI Advisors LLC boosted its stake in Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Devon Energy during the third quarter worth $39,000. 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.