Devon Energy Corp (NYSE:DVN)’s share price traded down 5.8% during mid-day trading on Wednesday . The stock traded as low as $29.28 and last traded at $29.31. 4,508,398 shares were traded during trading, a decline of 40% from the average session volume of 7,501,633 shares. The stock had previously closed at $31.12.
Several equities analysts recently issued reports on the stock. Zacks Investment Research raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $37.00 price objective on the stock in a report on Thursday, April 18th. Royal Bank of Canada set a $42.00 price objective on shares of Devon Energy and gave the company a “hold” rating in a report on Thursday, May 2nd. ValuEngine raised shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Barclays reissued a “hold” rating and set a $36.00 price objective on shares of Devon Energy in a report on Thursday, April 11th. Finally, Wells Fargo & Co assumed coverage on shares of Devon Energy in a report on Monday. They set an “outperform” rating and a $40.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and fifteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $45.05.
The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.37 and a current ratio of 1.37. The firm has a market capitalization of $12.92 billion, a PE ratio of 20.92, a price-to-earnings-growth ratio of 0.86 and a beta of 2.23.
Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, April 30th. The energy company reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.06. Devon Energy had a net margin of 29.33% and a return on equity of 7.12%. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period in the previous year, the company earned $0.20 earnings per share. Analysts predict that Devon Energy Corp will post 2.18 EPS for the current fiscal year.
In other news, Director Robert H. Henry purchased 11,651 shares of the business’s stock in a transaction on Wednesday, February 27th. The shares were acquired at an average cost of $30.01 per share, with a total value of $349,646.51. Following the completion of the acquisition, the director now owns 21,355 shares of the company’s stock, valued at $640,863.55. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.55% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. LS Investment Advisors LLC lifted its stake in shares of Devon Energy by 1.7% during the first quarter. LS Investment Advisors LLC now owns 20,155 shares of the energy company’s stock worth $636,000 after buying an additional 334 shares during the period. Intrust Bank NA lifted its stake in shares of Devon Energy by 3.3% during the first quarter. Intrust Bank NA now owns 11,521 shares of the energy company’s stock worth $363,000 after buying an additional 366 shares during the period. Meeder Asset Management Inc. lifted its stake in shares of Devon Energy by 94.6% during the first quarter. Meeder Asset Management Inc. now owns 823 shares of the energy company’s stock worth $26,000 after buying an additional 400 shares during the period. Duncker Streett & Co. Inc. lifted its stake in shares of Devon Energy by 40.5% during the fourth quarter. Duncker Streett & Co. Inc. now owns 1,600 shares of the energy company’s stock worth $36,000 after buying an additional 461 shares during the period. Finally, AGF Investments Inc. lifted its stake in shares of Devon Energy by 0.5% during the fourth quarter. AGF Investments Inc. now owns 96,627 shares of the energy company’s stock worth $2,178,000 after buying an additional 526 shares during the period. 85.53% of the stock is currently owned by institutional investors and hedge funds.
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About Devon Energy (NYSE:DVN)
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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