Adamsbrown Wealth Consultants LLC Grows Stock Position in Devon Energy Co. (NYSE:DVN)

Adamsbrown Wealth Consultants LLC boosted its stake in Devon Energy Co. (NYSE:DVN) by 12.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,885 shares of the energy company’s stock after buying an additional 1,056 shares during the quarter. Adamsbrown Wealth Consultants LLC’s holdings in Devon Energy were worth $387,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of DVN. Triad Wealth Partners LLC acquired a new position in Devon Energy in the second quarter valued at $27,000. Tradewinds Capital Management LLC acquired a new position in Devon Energy during the first quarter worth approximately $30,000. 1620 Investment Advisors Inc. purchased a new position in Devon Energy during the second quarter worth approximately $34,000. PSI Advisors LLC raised its stake in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares during the period. Finally, LRI Investments LLC acquired a new position in shares of Devon Energy in the 1st quarter valued at $39,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE:DVN traded down $0.31 during trading hours on Monday, hitting $42.65. 552,292 shares of the company’s stock traded hands, compared to its average volume of 7,251,604. The company’s fifty day simple moving average is $42.37 and its two-hundred day simple moving average is $46.58. The company has a market cap of $26.95 billion, a price-to-earnings ratio of 8.20, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy Co. has a 52 week low of $37.76 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period last year, the firm posted $1.18 earnings per share. As a group, equities analysts anticipate that Devon Energy Co. will post 5.01 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.06%. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

Analyst Ratings Changes

DVN has been the topic of several research reports. Truist Financial cut their target price on Devon Energy from $60.00 to $49.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Susquehanna reduced their price objective on Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Piper Sandler dropped their target price on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Morgan Stanley cut their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Finally, Jefferies Financial Group began coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective for the company. Eight research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.63.

Devon Energy 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.