Devon Energy Corporation (NYSE:DVN) Short Interest Update

Devon Energy Corporation (NYSE:DVN) was the target of a significant decrease in short interest in the month of January. As of January 30th, there was short interest totaling 19,329,707 shares, a decrease of 12.6% from the January 15th total of 22,124,137 shares. Approximately 3.1% of the company’s shares are sold short. 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 shares are sold short.

Devon Energy Trading Up 1.5%

DVN opened at $44.63 on Tuesday. The company has a fifty day moving average price of $38.38 and a two-hundred day moving average price of $35.83. Devon Energy has a 1-year low of $25.89 and a 1-year high of $45.02. The company has a market cap of $28.00 billion, a P/E ratio of 10.50, a price-to-earnings-growth ratio of 4.06 and a beta of 0.61. The company has a current ratio of 0.96, a quick ratio of 0.87 and a debt-to-equity ratio of 0.48.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. UBS Group set a $50.00 price target on Devon Energy in a research report on Wednesday, February 4th. Citigroup upped their target price on Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, December 17th. Benchmark reissued a “buy” rating on shares of Devon Energy in a research report on Friday, January 16th. Wolfe Research boosted their price target on shares of Devon Energy from $49.00 to $57.00 in a research report on Tuesday, February 3rd. Finally, Scotiabank upped their price objective on shares of Devon Energy from $41.00 to $45.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $46.24.

Institutional Investors Weigh In On Devon Energy

A number of hedge funds have recently added to or reduced their stakes in the company. Caldwell Trust Co bought a new position in shares of Devon Energy in the 2nd quarter worth $25,000. PFS Partners LLC acquired a new position in Devon Energy during the third quarter worth $25,000. First Horizon Corp bought a new position in shares of Devon Energy in the third quarter valued at $26,000. Accredited Wealth Management LLC grew its holdings in shares of Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after buying an additional 308 shares during the last quarter. Finally, Ameriflex Group Inc. increased its position in shares of Devon Energy by 702.0% during the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock worth $28,000 after acquiring an additional 702 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

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.