Stock Traders Buy High Volume of Call Options on Devon Energy (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) was the recipient of some unusual options trading activity on Thursday. Stock traders acquired 34,909 call options on the stock. This is an increase of 35% compared to the average volume of 25,865 call options.

Devon Energy Price Performance

NYSE DVN traded up $0.90 during trading on Thursday, hitting $41.40. 5,134,206 shares of the company’s stock were exchanged, compared to its average volume of 7,241,203. The stock’s 50 day moving average price is $42.83 and its two-hundred day moving average price is $46.90. Devon Energy has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The company has a market cap of $26.16 billion, a PE ratio of 7.85, a P/E/G ratio of 1.22 and a beta of 2.02.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.18 EPS. Research analysts expect that Devon Energy will post 5.11 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.13%. Devon Energy’s dividend payout ratio is currently 16.79%.

Analysts Set New Price Targets

DVN has been the subject of several recent research reports. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Truist Financial reduced their target price on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating for the company in a research report on Monday. Morgan Stanley lowered their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Piper Sandler cut their price objective on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Finally, StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Eight investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.11.

Hedge Funds Weigh In On Devon Energy

A number of institutional investors and hedge funds have recently bought and sold shares of DVN. Salem Investment Counselors Inc. grew its position in shares of 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 boosted its holdings in 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 acquiring an additional 199 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in Devon Energy by 7.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after purchasing an additional 209 shares during the period. MCF Advisors LLC raised its holdings in Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares during the last quarter. Finally, Annex Advisory Services LLC lifted its position in shares of Devon Energy by 0.8% in the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after purchasing an additional 223 shares during the period. Institutional investors and hedge funds 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.