Short Interest in Devon Energy Corporation (NYSE:DVN) Decreases By 12.6%

Devon Energy Corporation (NYSE:DVN) was the target of a large decline in short interest during the month of January. As of January 30th, there was short interest totaling 19,329,707 shares, a decline of 12.6% from the January 15th total of 22,124,137 shares. Approximately 3.1% of the company’s stock are short sold. Based on an average daily volume of 9,083,444 shares, the short-interest ratio is currently 2.1 days. Based on an average daily volume of 9,083,444 shares, the short-interest ratio is currently 2.1 days. Approximately 3.1% of the company’s stock are short sold.

Analysts Set New Price Targets

Several brokerages recently issued reports on DVN. JPMorgan Chase & Co. cut their target price on Devon Energy from $44.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, January 15th. BMO Capital Markets dropped their price objective on Devon Energy from $48.00 to $45.00 and set an “outperform” rating on the stock in a research note on Monday, January 12th. UBS Group set a $50.00 target price on shares of Devon Energy in a research note on Wednesday, February 4th. Scotiabank raised their price target on shares of Devon Energy from $41.00 to $45.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 3rd. Finally, The Goldman Sachs Group boosted their price target on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.24.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. OMERS ADMINISTRATION Corp raised its stake in Devon Energy by 239.3% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 77,532 shares of the energy company’s stock valued at $2,840,000 after acquiring an additional 54,683 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake in shares of Devon Energy by 57.1% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,200 shares of the energy company’s stock worth $81,000 after purchasing an additional 800 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of Devon Energy by 4.4% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 141,375 shares of the energy company’s stock valued at $5,179,000 after purchasing an additional 6,000 shares during the period. Venture Visionary Partners LLC lifted its stake in shares of Devon Energy by 7.0% during the 4th quarter. Venture Visionary Partners LLC now owns 15,537 shares of the energy company’s stock valued at $569,000 after buying an additional 1,017 shares in the last quarter. Finally, Panagora Asset Management Inc. boosted its holdings in Devon Energy by 42,376.5% in the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after buying an additional 3,600,731 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 1.5%

Shares of DVN stock opened at $44.63 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 0.96 and a debt-to-equity ratio of 0.48. The firm has a market cap of $28.00 billion, a P/E ratio of 10.50, a PEG ratio of 4.06 and a beta of 0.61. The company has a 50 day moving average of $38.38 and a 200-day moving average of $35.83. Devon Energy has a 12-month low of $25.89 and a 12-month high of $45.02.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.