Devon Energy (NYSE:DVN) Shares Gap Down to $22.03

Devon Energy Corp (NYSE:DVN) shares gapped down prior to trading on Thursday . The stock had previously closed at $21.16, but opened at $22.03. Devon Energy shares last traded at $21.54, with a volume of 4,144,809 shares.

DVN has been the subject of several research analyst reports. ValuEngine raised shares of Devon Energy from a “strong sell” rating to a “sell” rating in a research report on Friday, August 2nd. Royal Bank of Canada set a $42.00 target price on shares of Devon Energy and gave the stock a “hold” rating in a research report on Thursday, May 2nd. Macquarie set a $40.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a research report on Thursday, May 2nd. MKM Partners set a $32.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a research report on Monday. Finally, Piper Jaffray Companies set a $39.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a research report on Friday, May 31st. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Devon Energy has an average rating of “Hold” and an average target price of $38.56.

The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.61. The business’s 50-day moving average is $26.32 and its two-hundred day moving average is $28.59. The firm has a market cap of $9.50 billion, a P/E ratio of 16.76, a P/E/G ratio of 1.63 and a beta of 2.27.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.07. Devon Energy had a net margin of 39.80% and a return on equity of 8.42%. The business had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the prior year, the firm earned $0.34 EPS. The company’s revenue for the quarter was down .1% compared to the same quarter last year. On average, analysts anticipate that Devon Energy Corp will post 1.37 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date is Thursday, September 12th. Devon Energy’s dividend payout ratio is presently 27.91%.

In related news, CAO Jeremy D. Humphers sold 4,000 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $25.40, for a total transaction of $101,600.00. Following the completion of the sale, the chief accounting officer now owns 81,914 shares of the company’s stock, valued at approximately $2,080,615.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.63% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in DVN. Price T Rowe Associates Inc. MD grew its position in shares of Devon Energy by 252.7% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 8,032,588 shares of the energy company’s stock valued at $229,089,000 after buying an additional 5,755,255 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of Devon Energy by 8,782.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,126,454 shares of the energy company’s stock valued at $60,646,000 after buying an additional 2,102,515 shares during the last quarter. Balyasny Asset Management LLC grew its position in shares of Devon Energy by 364.6% during the 2nd quarter. Balyasny Asset Management LLC now owns 2,507,426 shares of the energy company’s stock valued at $71,512,000 after buying an additional 1,967,751 shares during the last quarter. Caymus Capital Partners L.P. bought a new stake in shares of Devon Energy during the 2nd quarter valued at about $48,600,000. Finally, Invesco Ltd. grew its position in shares of Devon Energy by 5.3% during the 2nd quarter. Invesco Ltd. now owns 28,823,990 shares of the energy company’s stock valued at $822,059,000 after buying an additional 1,456,762 shares during the last quarter. 84.90% of the stock is owned by institutional investors and hedge funds.

About Devon Energy (NYSE:DVN)

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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