Devon Energy Target of Unusually High Options Trading (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) was the target of unusually large options trading activity on Thursday. Stock traders purchased 95,368 put options on the company. This represents an increase of 219% compared to the average daily volume of 29,863 put options.

Devon Energy Trading Up 0.3 %

DVN opened at $31.20 on Friday. The company has a market cap of $20.50 billion, a P/E ratio of 5.79, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The company has a fifty day moving average price of $36.64 and a two-hundred day moving average price of $41.50. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy has a 1-year low of $30.39 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the firm posted $1.65 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. Analysts predict that Devon Energy will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s payout ratio is presently 16.33%.

Hedge Funds Weigh In On Devon Energy

Several large investors have recently added to or reduced their stakes in DVN. Capital Performance Advisors LLP purchased a new stake in shares of Devon Energy in the third quarter worth approximately $35,000. Future Financial Wealth Managment LLC purchased a new position in shares of Devon Energy during the third quarter valued at approximately $39,000. True Wealth Design LLC grew its holdings in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after buying an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. raised its position in Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares during the last quarter. Finally, Activest Wealth Management lifted its stake in Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after acquiring an additional 480 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research note on Thursday, December 5th. TD Cowen dropped their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Piper Sandler cut their price target on Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Citigroup lowered their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Finally, Susquehanna cut their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $50.05.

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.