Devon Energy Sees Unusually High Options Volume (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) was the recipient of some unusual options trading activity on Thursday. Traders purchased 95,368 put options on the company. This is an increase of approximately 219% compared to the average daily volume of 29,863 put options.

Hedge Funds Weigh In On Devon Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP acquired a new position in shares of Devon Energy during the third quarter worth $35,000. Future Financial Wealth Managment LLC bought a new position in Devon Energy during the 3rd quarter worth $39,000. True Wealth Design LLC lifted its holdings in Devon Energy by 3,889.3% during the 3rd 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 during the period. Hazlett Burt & Watson Inc. grew its position in shares of 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 increased its stake in shares of Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after buying an additional 480 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Down 0.4 %

Shares of DVN opened at $31.11 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy has a 52 week low of $30.39 and a 52 week high of $55.09. The stock has a market capitalization of $20.44 billion, a price-to-earnings ratio of 5.77, a PEG ratio of 1.10 and a beta of 1.99. The stock has a fifty day moving average of $36.83 and a 200-day moving average of $41.61.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the company earned $1.65 earnings per share. As a group, sell-side analysts anticipate that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.83%. Devon Energy’s dividend payout ratio is presently 16.33%.

Analysts Set New Price Targets

Several research analysts have recently commented on DVN shares. Mizuho lowered their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. BMO Capital Markets lowered their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Piper Sandler cut their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Scotiabank decreased their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Finally, Wells Fargo & Company cut their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Hold” and an average target price of $50.05.

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.