Why Devon Energy's Stock Price Shrank on Thursday
Devon Energy (NYSE: DVN) didn't provide investors with a sweet Valentine's Day gift earlier this week, and on Thursday they continued to punish the company for the transgression. On the back of a fresh trio of analyst price-target cuts, they sent the stock's price down by more than 2.6%. That compared unfavorably to the S&P 500 index's 1.4% slide.
As often happens in the days following a quarterly earnings report, analysts made tweaks to their takes on Devon.
The oil and gas company reported its fourth-quarter and full-year 2022 figures on Tuesday, and we can safely say it wasn't the loveliest Valentine's Day in its history. Production was down during the quarter, although not by much; however, Devon missed by quite a wide margin on earnings. Compounding that, its upcoming quarterly dividend payout will be the lowest over the past year, and few investors like an eroding dividend.
Source Fool.com
