Devon Energy (NYSE:DVN) gapped down before the market opened on Wednesday . The stock had previously closed at $31.95, but opened at $31.32. Devon Energy shares last traded at $31.32, with a volume of 6397052 shares traded.
A number of equities research analysts recently commented on DVN shares. Royal Bank of Canada set a $43.00 price target on Devon Energy and gave the stock a “buy” rating in a research report on Friday, February 23rd. Jefferies Group restated a “buy” rating and set a $41.00 price target on shares of Devon Energy in a research report on Monday, March 19th. KLR Group downgraded Devon Energy from a “buy” rating to a “hold” rating and set a $49.00 price objective on the stock. in a report on Tuesday, January 23rd. Wolfe Research raised Devon Energy from a “market perform” rating to an “outperform” rating in a report on Tuesday, January 30th. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $50.00 price objective on shares of Devon Energy in a report on Tuesday, February 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seventeen have issued a buy rating to the company’s stock. Devon Energy currently has an average rating of “Buy” and a consensus target price of $45.60.
The company has a debt-to-equity ratio of 0.73, a current ratio of 1.45 and a quick ratio of 1.45. The company has a market cap of $16,477.45, a price-to-earnings ratio of 51.25, a price-to-earnings-growth ratio of 2.94 and a beta of 2.18.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.01%. This is an increase from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s dividend payout ratio is 38.10%.
Devon Energy declared that its board has authorized a share buyback plan on Wednesday, March 7th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the energy company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
Hedge funds have recently bought and sold shares of the company. Private Advisor Group LLC raised its stake in Devon Energy by 4.5% during the 3rd quarter. Private Advisor Group LLC now owns 29,484 shares of the energy company’s stock worth $1,059,000 after buying an additional 1,273 shares during the period. Ladenburg Thalmann Financial Services Inc. raised its stake in Devon Energy by 8.1% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 17,658 shares of the energy company’s stock worth $648,000 after buying an additional 1,329 shares during the period. Crossmark Global Holdings Inc. raised its stake in Devon Energy by 2.4% during the 4th quarter. Crossmark Global Holdings Inc. now owns 56,676 shares of the energy company’s stock worth $2,346,000 after buying an additional 1,344 shares during the period. Intrust Bank NA raised its stake in Devon Energy by 15.9% during the 4th quarter. Intrust Bank NA now owns 10,573 shares of the energy company’s stock worth $438,000 after buying an additional 1,451 shares during the period. Finally, Hedeker Wealth LLC raised its stake in Devon Energy by 6.8% during the 4th quarter. Hedeker Wealth LLC now owns 23,082 shares of the energy company’s stock worth $955,000 after buying an additional 1,467 shares during the period. 82.20% of the stock is currently owned by institutional investors.
ILLEGAL ACTIVITY WARNING: “Devon Energy (DVN) Shares Gap Down to $31.32” was first reported by Ticker Report and is owned by of Ticker Report. If you are accessing this story on another site, it was illegally stolen and reposted in violation of United States & international copyright laws. The legal version of this story can be accessed at https://www.tickerreport.com/banking-finance/3335187/devon-energy-dvn-shares-gap-down-to-31-32.html.
About Devon Energy
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 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.