Devon Energy Corporation (NYSE:DVN) Short Interest Update

Devon Energy Corporation (NYSE:DVN) was the target of a large decline in short interest in February. As of February 27th, there was short interest totaling 15,409,222 shares, a decline of 19.5% from the February 12th total of 19,141,818 shares. Approximately 2.5% of the company’s stock are short sold. Based on an average daily volume of 10,432,999 shares, the days-to-cover ratio is currently 1.5 days. Based on an average daily volume of 10,432,999 shares, the days-to-cover ratio is currently 1.5 days. Approximately 2.5% of the company’s stock are short sold.

Hedge Funds Weigh In On Devon Energy

Institutional investors have recently added to or reduced their stakes in the business. Allianz Asset Management GmbH raised its position in Devon Energy by 4.3% during the third quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company’s stock valued at $29,210,000 after purchasing an additional 33,974 shares in the last quarter. Greatmark Investment Partners Inc. boosted its holdings in shares of Devon Energy by 5.6% in the 3rd quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company’s stock worth $20,052,000 after purchasing an additional 30,435 shares in the last quarter. Canada Post Corp Registered Pension Plan boosted its holdings in shares of Devon Energy by 298.1% in the 3rd quarter. Canada Post Corp Registered Pension Plan now owns 42,351 shares of the energy company’s stock worth $1,585,000 after purchasing an additional 31,713 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Devon Energy by 5.0% during the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock valued at $415,319,000 after purchasing an additional 560,652 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Devon Energy by 4.2% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,451,792 shares of the energy company’s stock valued at $50,900,000 after purchasing an additional 57,947 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

Shares of DVN stock traded up $0.73 during trading hours on Tuesday, reaching $47.38. The stock had a trading volume of 18,432,694 shares, compared to its average volume of 14,063,739. The stock’s fifty day simple moving average is $41.72 and its 200 day simple moving average is $37.41. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. Devon Energy has a 12 month low of $25.89 and a 12 month high of $47.50. The firm has a market capitalization of $29.38 billion, a PE ratio of 11.36, a PEG ratio of 4.47 and a beta of 0.56.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The business had revenue of $17.19 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the prior year, the firm posted $1.10 EPS. Devon Energy’s revenue was down 6.4% on a year-over-year basis. On average, equities research analysts predict that Devon Energy will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, March 13th. Devon Energy’s dividend payout ratio (DPR) is 23.02%.

Analyst Ratings Changes

A number of research firms have weighed in on DVN. UBS Group raised their price objective on shares of Devon Energy from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Piper Sandler boosted their target price on shares of Devon Energy from $59.00 to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Susquehanna upped their target price on shares of Devon Energy from $47.00 to $52.00 and gave the stock a “positive” rating in a report on Friday, February 20th. BMO Capital Markets lifted their price target on Devon Energy from $45.00 to $55.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. Finally, Scotiabank decreased their price objective on Devon Energy from $45.00 to $41.00 and set a “sector perform” rating for the company in a report on Monday, February 23rd. Twenty-three equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $49.37.

Key Devon Energy News

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Mizuho raised its price target to $62 and put an “outperform” rating on DVN — a large upside that signals stronger analyst conviction and likely increased buy interest. Read More.
• Positive Sentiment: Barclays raised its target to $54 and set an “overweight” rating, another vote of confidence from a major shop that supports upside vs. current levels. Read More.
• Positive Sentiment: Sector momentum: coverage highlights that rising crude prices (geopolitical risk around Iran) are benefiting top oil & gas names including Devon, lifting sentiment across the group. Read More.
• Positive Sentiment: Barron’s lists Devon as one of three “underappreciated” energy stocks to play an oil upswing, reinforcing institutional interest from value/contrarian investors. Read More.
• Positive Sentiment: The Motley Fool highlights Devon’s durable shareholder-return profile (low costs, FCF, pending Coterra merger) — fundamental reasons investors may bid the stock higher for yield and buyback upside. Read More.
• Positive Sentiment: Zacks notes Devon as a trending/market-beaten-upstock and reports a recent session gain, reflecting short-term retail/institutional attention. Read More.
• Neutral Sentiment: TD Cowen nudged its target to $50 but kept a “hold” rating (only modest upside), so this is less directional than the larger upgrades. Read More.
• Neutral Sentiment: Zacks and Yahoo Finance pieces reviewing Q4/peer comparisons and “trending” status provide context on fundamentals and peer-relative performance but contain no new catalyst. Read More. · Read More.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.