Devon Energy Sees Unusually Large Options Volume (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) was the recipient of some unusual options trading activity on Tuesday. Stock traders acquired 46,223 call options on the stock. This represents an increase of approximately 39% compared to the average volume of 33,259 call options.

Insider Buying and Selling at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after acquiring an additional 2,559,039 shares during the period. Morgan Stanley raised its position in shares of Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after acquiring an additional 2,220,194 shares during the last quarter. Raymond James & Associates raised its position in shares of Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after acquiring an additional 736,449 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after acquiring an additional 68,339 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after purchasing an additional 1,488,374 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Down 1.4 %

NYSE DVN opened at $46.73 on Thursday. The company has a market cap of $29.53 billion, a PE ratio of 8.92, a PEG ratio of 1.25 and a beta of 2.08. The stock has a 50 day moving average of $48.91 and a 200-day moving average of $46.86. Devon Energy has a 12 month low of $40.47 and a 12 month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the previous year, the company earned $1.46 EPS. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, equities research analysts anticipate that Devon Energy will post 5.27 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.88%. Devon Energy’s payout ratio is presently 16.79%.

Wall Street Analysts Forecast Growth

DVN has been the topic of several analyst reports. Truist Financial lowered their target price on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Mizuho upped their price target on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a report on Monday, May 13th. Scotiabank lifted their price objective on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. increased their target price on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Finally, Bank of America reaffirmed a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a research report on Friday, June 14th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.24.

Devon Energy Company Profile

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.