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

Devon Energy Co. (NYSE:DVN) was the recipient of some unusual options trading activity on Tuesday. Stock traders acquired 46,223 call options on the stock. This is an increase of 39% compared to the average volume of 33,259 call options.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on DVN. Susquehanna lifted their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Bank of America reiterated a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a research report on Friday, June 14th. UBS Group increased their price target on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. lifted their price objective on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Finally, Piper Sandler increased their target price on Devon Energy from $60.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, May 14th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $59.24.

Devon Energy Price Performance

DVN stock opened at $47.64 on Tuesday. The stock has a market cap of $30.11 billion, a price-to-earnings ratio of 9.09, a P/E/G ratio of 1.20 and a beta of 2.08. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The company has a 50 day simple moving average of $49.10 and a 200 day simple moving average of $46.84. Devon Energy has a 1 year low of $40.47 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the prior year, the business earned $1.46 earnings per share. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. Research analysts anticipate that Devon Energy will post 5.27 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.85%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Insider Buying and Selling at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently added to or reduced their stakes in the business. Manchester Capital Management LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $28,000. Tradewinds Capital Management LLC acquired a new stake in Devon Energy during the 1st quarter valued at approximately $30,000. Sound Income Strategies LLC raised its holdings in Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares during the last quarter. Rise Advisors LLC lifted its position in shares of Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares during the period. Finally, Jones Financial Companies Lllp boosted its stake in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

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.