Devon Energy Co. (NYSE:DVN) Sees Significant Increase in Short Interest

Devon Energy Co. (NYSE:DVN) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 17,540,000 shares, an increase of 6.3% from the August 15th total of 16,500,000 shares. Approximately 2.8% of the shares of the company are short sold. Based on an average daily volume of 6,440,000 shares, the short-interest ratio is presently 2.7 days.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Bank of America reiterated a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Wolfe Research began coverage on Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, September 3rd. Piper Sandler cut their price target on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Finally, Truist Financial reduced 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 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.00.

Hedge Funds Weigh In On Devon Energy

Several institutional investors have recently added to or reduced their stakes in DVN. Lazari Capital Management Inc. raised its position in Devon Energy by 42.7% in the 2nd 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 during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Devon Energy in the second quarter valued at about $19,139,000. Gordian Capital Singapore Pte Ltd acquired a new position in Devon Energy during the 2nd quarter worth about $711,000. Dana Investment Advisors Inc. grew its holdings 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 last quarter. Finally, SPC Financial Inc. increased its position in 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 acquiring an additional 2,186 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Price Performance

DVN traded up $0.80 during midday trading on Thursday, reaching $41.17. 1,574,508 shares of the company’s stock were exchanged, compared to its average volume of 7,073,889. Devon Energy has a one year low of $39.02 and a one year high of $55.09. The firm has a market capitalization of $26.02 billion, a price-to-earnings ratio of 7.81, a price-to-earnings-growth ratio of 1.13 and a beta of 2.03. The business has a 50-day simple moving average of $44.39 and a two-hundred day simple moving average of $47.39. 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 (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the previous year, the firm earned $1.18 EPS. Devon Energy’s quarterly revenue was up 13.4% on a year-over-year basis. As a group, research analysts predict that Devon Energy will post 5.36 EPS for the current year.

Devon Energy Announces Dividend

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

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.