Devon Energy (NYSE:DVN) Stock Price Down 0.9% – Time to Sell?

Devon Energy Co. (NYSE:DVN)’s stock price traded down 0.9% during trading on Friday . The company traded as low as $39.01 and last traded at $39.03. 1,230,767 shares traded hands during trading, a decline of 83% from the average session volume of 7,407,375 shares. The stock had previously closed at $39.38.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on DVN shares. TD Cowen cut their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Evercore ISI cut their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, September 30th. Piper Sandler lowered their price objective on Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 15th. UBS Group cut their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Finally, Susquehanna decreased their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Hold” and an average target price of $51.80.

Devon Energy Trading Down 2.3 %

The stock has a market cap of $25.27 billion, a P/E ratio of 7.14, a PEG ratio of 1.22 and a beta of 2.03. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The business’s 50 day simple moving average is $40.09 and its two-hundred day simple moving average is $44.37.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business 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 earned $1.65 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, analysts expect that Devon Energy Co. will post 4.84 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.29%. Devon Energy’s dividend payout ratio is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

Large investors have recently modified their holdings of the business. William B. Walkup & Associates Inc. acquired a new stake in Devon Energy in the second quarter valued at $1,026,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Devon Energy in the second quarter valued at about $711,000. Nations Financial Group Inc. IA ADV acquired a new position in shares of Devon Energy in the third quarter worth approximately $592,000. New York State Teachers Retirement System boosted its holdings in Devon Energy by 14.2% in the third quarter. New York State Teachers Retirement System now owns 704,831 shares of the energy company’s stock valued at $27,573,000 after acquiring an additional 87,462 shares during the last quarter. Finally, CWM LLC increased its position in Devon Energy by 73.4% during the 3rd quarter. CWM LLC now owns 38,969 shares of the energy company’s stock valued at $1,524,000 after purchasing an additional 16,490 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.