Devon Energy (NYSE:DVN) was the recipient of a significant decrease in short interest in the month of April. As of April 30th, there was short interest totalling 10,807,249 shares, a decrease of 21.1% from the April 13th total of 13,689,080 shares. Currently, 2.1% of the shares of the company are short sold. Based on an average daily trading volume, of 7,945,726 shares, the short-interest ratio is presently 1.4 days.
A number of large investors have recently modified their holdings of DVN. Taylor Hoffman Wealth Management acquired a new stake in Devon Energy during the fourth quarter worth approximately $102,000. Bristol John W & Co. Inc. NY acquired a new stake in shares of Devon Energy in the 1st quarter valued at $103,000. NuWave Investment Management LLC acquired a new stake in shares of Devon Energy in the 4th quarter valued at $111,000. Penserra Capital Management LLC acquired a new stake in shares of Devon Energy in the 1st quarter valued at $125,000. Finally, Advisory Services Network LLC boosted its holdings in shares of Devon Energy by 127.8% in the 4th quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock valued at $143,000 after purchasing an additional 1,933 shares in the last quarter. 84.54% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have issued reports on DVN shares. Cowen set a $51.00 price objective on Devon Energy and gave the company a “buy” rating in a research note on Thursday, January 18th. KLR Group downgraded Devon Energy from a “buy” rating to a “hold” rating and set a $49.00 target price on the stock. in a research report on Tuesday, January 23rd. Credit Suisse Group set a $50.00 target price on Devon Energy and gave the company a “buy” rating in a research report on Tuesday, January 23rd. They noted that the move was a valuation call. Morgan Stanley upped their target price on Devon Energy from $48.00 to $54.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. Finally, Stifel Nicolaus set a $68.00 target price on Devon Energy and gave the company a “buy” rating in a research report on Tuesday, January 30th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $45.35.
Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, May 1st. The energy company reported $0.20 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.20. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.85 billion. Devon Energy had a return on equity of 5.68% and a net margin of 4.49%. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.07 earnings per share. analysts anticipate that Devon Energy will post 1.31 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be given a dividend of $0.08 per share. The ex-dividend date is Thursday, June 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.76%. This is an increase from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s dividend payout ratio is currently 38.10%.
Devon Energy announced that its Board of Directors has initiated a share buyback program on Wednesday, March 7th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the energy company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
About Devon Energy
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 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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