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

Devon Energy Co. (NYSE:DVN) was the target of a large growth in short interest in the month of 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. Based on an average daily trading volume, of 6,440,000 shares, the days-to-cover ratio is currently 2.7 days. Approximately 2.8% of the shares of the stock are short sold.

Institutional Trading of Devon Energy

A number of institutional investors have recently modified their holdings of the company. Lazari Capital Management Inc. lifted its holdings in shares of Devon Energy by 42.7% in the second quarter. Lazari Capital Management Inc. now owns 31,507 shares of the energy company’s stock valued at $1,493,000 after purchasing an additional 9,423 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Devon Energy in the second quarter valued at about $19,139,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Devon Energy in the second quarter valued at about $711,000. Dana Investment Advisors Inc. lifted its holdings in shares of Devon Energy by 117.3% in the second quarter. Dana Investment Advisors Inc. now owns 23,329 shares of the energy company’s stock valued at $1,106,000 after purchasing an additional 12,593 shares in the last quarter. Finally, SPC Financial Inc. lifted its holdings in shares of Devon Energy by 19.1% in the second 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 in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on DVN. Truist Financial cut their target price 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. Scotiabank cut their price objective on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, September 3rd. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Finally, StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $57.00.

Devon Energy Trading Up 1.6 %

Shares of Devon Energy stock traded up $0.66 during trading on Thursday, reaching $41.03. 1,375,912 shares of the company were exchanged, compared to its average volume of 7,072,791. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy has a twelve month low of $39.02 and a twelve month high of $55.09. The business has a 50-day moving average price of $44.39 and a 200-day moving average price of $47.39. 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.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same period in the previous year, the firm earned $1.18 earnings per share. The company’s revenue was up 13.4% on a year-over-year basis. Sell-side analysts anticipate that Devon Energy will post 5.36 EPS for the current fiscal year.

Devon Energy Dividend Announcement

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

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.