Devon Energy (NYSE:DVN) Shares Gap Down to $24.88
Devon Energy Corp (NYSE:DVN) gapped down before the market opened on Thursday . The stock had previously closed at $25.63, but opened at $24.88. Devon Energy shares last traded at $24.56, with a volume of 5,800,334 shares changing hands.
A number of equities analysts recently weighed in on DVN shares. SunTrust Banks started coverage on Devon Energy in a report on Tuesday, July 30th. They set a “buy” rating and a $33.00 price objective on the stock. Goldman Sachs Group reaffirmed a “sell” rating and issued a $25.50 price target on shares of Devon Energy in a research note on Tuesday, July 23rd. Guggenheim set a $35.00 price target on Devon Energy and gave the stock a “buy” rating in a research note on Wednesday, August 21st. ValuEngine raised Devon Energy from a “strong sell” rating to a “sell” rating in a research note on Friday, August 2nd. Finally, Morgan Stanley cut their price objective on Devon Energy from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $37.09.
The stock has a market capitalization of $10.00 billion, a P/E ratio of 19.04, a price-to-earnings-growth ratio of 1.75 and a beta of 2.34. The stock has a 50-day moving average price of $23.65 and a two-hundred day moving average price of $27.96. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.49 and a current ratio of 1.49.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $0.36 annualized dividend and a dividend yield of 1.47%. Devon Energy’s dividend payout ratio is presently 27.91%.
In related news, CAO Jeremy D. Humphers sold 1,500 shares of Devon Energy stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $21.66, for a total transaction of $32,490.00. Following the sale, the chief accounting officer now directly owns 42,475 shares in the company, valued at $920,008.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.63% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in DVN. Price T Rowe Associates Inc. MD boosted its position in shares of Devon Energy by 252.7% during the second quarter. Price T Rowe Associates Inc. MD now owns 8,032,588 shares of the energy company’s stock valued at $229,089,000 after purchasing an additional 5,755,255 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in Devon Energy by 8,782.8% in the second quarter. Nuveen Asset Management LLC now owns 2,126,454 shares of the energy company’s stock worth $60,646,000 after acquiring an additional 2,102,515 shares in the last quarter. Balyasny Asset Management LLC boosted its holdings in Devon Energy by 364.6% in the second quarter. Balyasny Asset Management LLC now owns 2,507,426 shares of the energy company’s stock worth $71,512,000 after acquiring an additional 1,967,751 shares in the last quarter. Caymus Capital Partners L.P. bought a new stake in Devon Energy in the second quarter worth $48,600,000. Finally, Invesco Ltd. boosted its holdings in Devon Energy by 5.3% in the second quarter. Invesco Ltd. now owns 28,823,990 shares of the energy company’s stock worth $822,059,000 after acquiring an additional 1,456,762 shares in the last quarter. Institutional investors own 85.93% of the company’s stock.
Devon Energy Company Profile (NYSE:DVN)
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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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