Investors Sell Devon Energy (DVN) on Strength (DVN)

Traders sold shares of Devon Energy Corp (NYSE:DVN) on strength during trading hours on Monday. $27.19 million flowed into the stock on the tick-up and $84.79 million flowed out of the stock on the tick-down, for a money net flow of $57.60 million out of the stock. Of all companies tracked, Devon Energy had the 14th highest net out-flow for the day. Devon Energy traded up $0.10 for the day and closed at $32.82

Several research firms recently commented on DVN. B. Riley set a $37.00 price objective on Devon Energy and gave the stock a “hold” rating in a report on Friday. Capital One Financial downgraded Devon Energy from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 10th. BMO Capital Markets reiterated a “buy” rating and issued a $50.00 price objective on shares of Devon Energy in a report on Tuesday, February 27th. UBS Group began coverage on Devon Energy in a research report on Wednesday, March 7th. They issued a “neutral” rating and a $35.00 target price on the stock. Finally, Royal Bank of Canada set a $43.00 target price on Devon Energy and gave the stock a “buy” rating in a research report on Friday, February 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $45.79.

The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $17,250.00, a PE ratio of 19.08, a price-to-earnings-growth ratio of 2.10 and a beta of 2.26.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 20th. The energy company reported $0.38 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.22). Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. The company had revenue of $3.98 billion for the quarter, compared to analysts’ expectations of $3.58 billion. During the same period in the previous year, the firm earned $0.25 earnings per share. The firm’s quarterly revenue was up 41.8% on a year-over-year basis. equities research analysts forecast that Devon Energy Corp will post 2.23 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be given a dividend of $0.08 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend is Thursday, June 14th. Devon Energy’s payout ratio is presently 13.95%.

Devon Energy declared that its board has authorized a share buyback plan on Wednesday, March 7th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the energy company to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

In other news, EVP Lyndon C. Taylor sold 12,798 shares of Devon Energy stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $38.29, for a total transaction of $490,035.42. Following the transaction, the executive vice president now directly owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.51% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of DVN. Taylor Hoffman Wealth Management bought a new stake in Devon Energy during the 4th quarter valued at approximately $102,000. NuWave Investment Management LLC bought a new stake in Devon Energy during the 4th quarter valued at approximately $111,000. Advisory Services Network LLC raised its stake in Devon Energy by 127.8% during the 4th quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock valued at $143,000 after purchasing an additional 1,933 shares during the period. Icon Wealth Partners LLC bought a new stake in Devon Energy during the 4th quarter valued at approximately $144,000. Finally, Sawyer & Company Inc bought a new stake in Devon Energy during the 4th quarter valued at approximately $151,000. 82.22% of the stock is currently owned by hedge funds and other institutional investors.

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Devon Energy Company Profile

Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).

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