Devon Energy (NYSE:DVN) Sees Unusually-High Trading Volume – Here’s What Happened

Devon Energy Co. (NYSE:DVN) saw unusually-high trading volume on Thursday . Approximately 12,562,869 shares changed hands during trading, an increase of 72% from the previous session’s volume of 7,309,508 shares.The stock last traded at $39.87 and had previously closed at $40.69.

Wall Street Analyst Weigh In

DVN has been the topic of several analyst reports. Wolfe Research initiated coverage on shares of Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Susquehanna decreased their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday. Mizuho decreased their price target on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Piper Sandler decreased their price target on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Barclays decreased their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $52.53.

Devon Energy Trading Up 0.2 %

The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The business’s 50 day moving average is $42.15 and its 200-day moving average is $46.32. The firm has a market cap of $25.70 billion, a P/E ratio of 7.76, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The firm had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.18 earnings per share. As a group, analysts forecast that Devon Energy Co. will post 5.01 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date was Friday, September 13th. Devon Energy’s payout ratio is 16.79%.

Institutional Investors Weigh In On Devon Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Triad Wealth Partners LLC acquired a new stake in Devon Energy in the 2nd quarter valued at about $27,000. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy during the first quarter valued at approximately $30,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Devon Energy in the 2nd quarter valued at approximately $34,000. PSI Advisors LLC boosted its stake in Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares during the period. Finally, LRI Investments LLC purchased a new position in Devon Energy during the 1st quarter worth approximately $39,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Company Profile

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.