Short Interest in Devon Energy Co. (NYSE:DVN) Decreases By 18.8%

Devon Energy Co. (NYSE:DVN) saw a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 17,920,000 shares, a decline of 18.8% from the February 13th total of 22,080,000 shares. Approximately 2.9% of the shares of the company are sold short. Based on an average trading volume of 10,730,000 shares, the days-to-cover ratio is currently 1.7 days.

Devon Energy Price Performance

NYSE:DVN traded down $0.09 during trading hours on Thursday, hitting $35.96. The company’s stock had a trading volume of 1,870,186 shares, compared to its average volume of 9,624,290. The company has a market capitalization of $23.34 billion, a PE ratio of 7.88, a PEG ratio of 1.20 and a beta of 1.91. Devon Energy has a 52-week low of $30.39 and a 52-week high of $55.09. The business’s 50-day moving average is $35.44 and its two-hundred day moving average is $37.13. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. As a group, research analysts anticipate that Devon Energy will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Wells Fargo & Company lowered their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Truist Financial boosted their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. Citigroup dropped their price target on Devon Energy from $48.00 to $46.00 and set a “buy” rating for the company in a research note on Monday. Finally, Cowen downgraded Devon Energy to a “hold” rating and lowered their target price for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $48.46.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DVN. Hurley Capital LLC acquired a new position in Devon Energy in the fourth quarter valued at $26,000. Accredited Wealth Management LLC acquired a new stake in shares of Devon Energy in the 4th quarter valued at about $28,000. True Wealth Design LLC increased its stake 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 valued at $44,000 after purchasing an additional 1,089 shares during the last quarter. Cromwell Holdings LLC raised its holdings in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares during the period. Finally, Activest Wealth Management grew its position in shares of 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 buying an additional 480 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

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.