Devon Energy Co. (NYSE:DVN) Short Interest Up 22.5% in December

Devon Energy Co. (NYSE:DVN) saw a significant growth in short interest in December. As of December 15th, there was short interest totalling 25,880,000 shares, a growth of 22.5% from the November 30th total of 21,120,000 shares. Approximately 4.2% of the shares of the stock are short sold. Based on an average daily volume of 9,640,000 shares, the days-to-cover ratio is currently 2.7 days.

Devon Energy Trading Up 2.4 %

Shares of Devon Energy stock traded up $0.76 on Tuesday, reaching $32.73. The company had a trading volume of 10,329,819 shares, compared to its average volume of 7,821,220. The firm’s 50 day moving average price is $36.48 and its two-hundred day moving average price is $41.32. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy has a 52-week low of $30.39 and a 52-week high of $55.09. The firm has a market cap of $21.50 billion, a PE ratio of 6.07, a PEG ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the firm earned $1.65 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. Sell-side analysts predict that Devon Energy will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.69%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Analyst Ratings Changes

Several brokerages have recently weighed in on DVN. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, December 25th. Susquehanna decreased their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Piper Sandler cut their target price on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a research note on Thursday, December 5th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Hold” and an average target price of $50.05.

Institutional Trading of Devon Energy

Several hedge funds have recently made changes to their positions in DVN. EnCap Energy Capital Fund XI L.P. purchased a new stake in Devon Energy during the 3rd quarter worth approximately $461,857,000. EnCap Partners GP LLC purchased a new stake in shares of Devon Energy during the third quarter worth $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new stake in shares of Devon Energy in the third quarter valued at $230,928,000. International Assets Investment Management LLC boosted its holdings in Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after purchasing an additional 2,226,983 shares during the period. Finally, Pacer Advisors Inc. grew its stake in Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.