Devon Energy Co. (NYSE:DVN) Short Interest Up 8.3% in April

Devon Energy Co. (NYSE:DVN) was the target of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 16,620,000 shares, a growth of 8.3% from the March 31st total of 15,350,000 shares. Currently, 2.6% of the company’s shares are short sold. Based on an average daily volume of 7,560,000 shares, the days-to-cover ratio is presently 2.2 days.

Devon Energy Price Performance

Shares of DVN opened at $50.40 on Thursday. The business’s fifty day moving average is $49.23 and its 200 day moving average is $46.24. Devon Energy has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock has a market cap of $32.00 billion, a P/E ratio of 8.64 and a beta of 2.19.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the firm earned $1.66 earnings per share. Sell-side analysts anticipate that Devon Energy will post 5.28 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.49%. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Institutional Trading of Devon Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Salem Investment Counselors Inc. raised its position in Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after buying an additional 199 shares during the last quarter. Retirement Group LLC raised its holdings in shares of Devon Energy by 21.8% in the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after purchasing an additional 199 shares during the last quarter. MCF Advisors LLC lifted its position in shares of Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares in the last quarter. Cornerstone Wealth Management LLC boosted its holdings in Devon Energy by 1.9% during the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after purchasing an additional 218 shares during the last quarter. Finally, Clearbridge Investments LLC grew its position in Devon Energy by 2.1% in the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after purchasing an additional 239 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Truist Financial boosted their price target on shares of Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. JPMorgan Chase & Co. boosted their target price on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Scotiabank increased their price target on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Susquehanna lifted their price objective on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Finally, Barclays began coverage on Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $58.33.

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.