Investors Buy High Volume of Devon Energy Call Options (NYSE:DVN)

Devon Energy Co. (NYSE:DVN) was the target of some unusual options trading on Thursday. Investors bought 34,909 call options on the stock. This is an increase of approximately 35% compared to the average daily volume of 25,865 call options.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $42.41 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $26.80 billion, a PE ratio of 8.06, a price-to-earnings-growth ratio of 1.22 and a beta of 2.02. The firm’s 50 day moving average price is $42.74 and its 200-day moving average price is $46.87. Devon Energy has a twelve month low of $37.76 and a twelve month high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period last year, the firm earned $1.18 earnings per share. Equities research analysts expect that Devon Energy will post 5.11 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s dividend payout ratio is presently 16.79%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in DVN. Triad Wealth Partners LLC purchased a new stake in Devon Energy in the 2nd quarter worth approximately $27,000. Tradewinds Capital Management LLC bought a new stake in shares of Devon Energy during the 1st quarter valued at $30,000. Jones Financial Companies Lllp lifted its stake in shares of Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in Devon Energy in the 2nd quarter worth $34,000. Finally, PSI Advisors LLC increased its stake in Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on DVN shares. Evercore ISI dropped their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. Bank of America reiterated a “buy” rating and set a $64.00 price target on shares of Devon Energy in a report on Friday, June 14th. Barclays reduced their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, September 3rd. Finally, Wolfe Research initiated coverage on Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Eight investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.79.

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.