Devon Energy Co. (NYSE:DVN) Sees Large Growth in Short Interest

Devon Energy Co. (NYSE:DVN) was the target of a significant growth in short interest in August. As of August 31st, there was short interest totalling 17,540,000 shares, a growth of 6.3% from the August 15th total of 16,500,000 shares. Currently, 2.8% of the company’s stock are short sold. Based on an average trading volume of 6,440,000 shares, the short-interest ratio is currently 2.7 days.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on DVN shares. Wolfe Research started coverage on Devon Energy in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Sanford C. Bernstein dropped their target price on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. Wells Fargo & Company dropped their target price on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. Morgan Stanley dropped their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Truist Financial cut their price objective on Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

Devon Energy Stock Performance

Shares of NYSE DVN traded up $0.66 during trading hours on Thursday, reaching $41.03. 1,375,912 shares of the stock were exchanged, compared to its average volume of 7,072,791. The firm has a market capitalization of $25.93 billion, a price-to-earnings ratio of 7.81, a P/E/G ratio of 1.13 and a beta of 2.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy has a 52 week low of $39.02 and a 52 week high of $55.09. The stock’s fifty day simple moving average is $44.39 and its 200 day simple moving average is $47.39.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter last year, the company earned $1.18 earnings per share. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. Sell-side analysts predict that Devon Energy will post 5.36 EPS for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.14%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Hedge Funds Weigh In On Devon Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. Lazari Capital Management Inc. increased its stake in Devon Energy by 42.7% during the 2nd quarter. Lazari Capital Management Inc. now owns 31,507 shares of the energy company’s stock worth $1,493,000 after acquiring an additional 9,423 shares during the period. Sanctuary Advisors LLC bought a new position in Devon Energy during the 2nd quarter worth $19,139,000. Gordian Capital Singapore Pte Ltd bought a new position in Devon Energy during the 2nd quarter worth $711,000. Dana Investment Advisors Inc. increased its stake in Devon Energy by 117.3% during the 2nd quarter. Dana Investment Advisors Inc. now owns 23,329 shares of the energy company’s stock worth $1,106,000 after acquiring an additional 12,593 shares during the period. Finally, SPC Financial Inc. increased its stake in shares of Devon Energy by 19.1% in the 2nd quarter. SPC Financial Inc. now owns 13,615 shares of the energy company’s stock valued at $645,000 after purchasing an additional 2,186 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

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.