Devon Energy (NYSE:DVN) Shares Gap Down to $22.03

Devon Energy Corp (NYSE:DVN)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $21.16, but opened at $22.03. Devon Energy shares last traded at $21.54, with a volume of 4,144,809 shares changing hands.

A number of research analysts have issued reports on DVN shares. MKM Partners set a $32.00 target price on shares of Devon Energy and gave the company a “buy” rating in a report on Monday. Zacks Investment Research raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a report on Thursday, April 18th. Royal Bank of Canada set a $42.00 target price on shares of Devon Energy and gave the company a “hold” rating in a report on Thursday, May 2nd. Mitsubishi UFJ Financial Group increased their target price on shares of Devon Energy to $36.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Finally, Goldman Sachs Group reaffirmed a “sell” rating and issued a $25.50 target price on shares of Devon Energy in a report on Tuesday, July 23rd. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $38.56.

The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.61. The stock’s 50 day moving average price is $26.32 and its two-hundred day moving average price is $28.59. The firm has a market capitalization of $9.50 billion, a PE ratio of 16.76, a PEG ratio of 1.63 and a beta of 2.27.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.07. Devon Energy had a net margin of 39.80% and a return on equity of 8.42%. The business had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period last year, the company posted $0.34 EPS. The company’s revenue was down .1% on a year-over-year basis. Analysts expect that Devon Energy Corp will post 1.37 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.09 per share. The ex-dividend date is Thursday, September 12th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.67%. Devon Energy’s dividend payout ratio (DPR) is 27.91%.

In other Devon Energy news, CAO Jeremy D. Humphers sold 4,000 shares of Devon Energy stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $25.40, for a total value of $101,600.00. Following the completion of the sale, the chief accounting officer now directly owns 81,914 shares of the company’s stock, valued at approximately $2,080,615.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.63% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Neuberger Berman Group LLC grew its stake in Devon Energy by 5.9% in the 1st quarter. Neuberger Berman Group LLC now owns 746,436 shares of the energy company’s stock worth $23,557,000 after acquiring an additional 41,399 shares during the period. Hedeker Wealth LLC grew its stake in Devon Energy by 31.0% in the 1st quarter. Hedeker Wealth LLC now owns 32,393 shares of the energy company’s stock worth $814,000 after acquiring an additional 7,657 shares during the period. BB&T Corp boosted its holdings in shares of Devon Energy by 2.5% in the 1st quarter. BB&T Corp now owns 717,980 shares of the energy company’s stock valued at $22,660,000 after purchasing an additional 17,210 shares during the last quarter. River & Mercantile Asset Management LLP boosted its holdings in shares of Devon Energy by 7.5% in the 1st quarter. River & Mercantile Asset Management LLP now owns 245,017 shares of the energy company’s stock valued at $7,732,000 after purchasing an additional 17,200 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in shares of Devon Energy by 15.8% in the 1st quarter. Clearbridge Investments LLC now owns 3,488,973 shares of the energy company’s stock valued at $110,112,000 after purchasing an additional 476,337 shares during the last quarter. 84.90% of the stock is owned by hedge funds and other institutional investors.

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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