Concurrent Investment Advisors LLC Trims Stake in Devon Energy Co. (NYSE:DVN)

Concurrent Investment Advisors LLC lessened its position in shares of Devon Energy Co. (NYSE:DVN) by 3.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 72,561 shares of the energy company’s stock after selling 2,818 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Devon Energy were worth $2,839,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Whittier Trust Co. raised its position in Devon Energy by 23.1% in the 1st quarter. Whittier Trust Co. now owns 1,600 shares of the energy company’s stock valued at $80,000 after purchasing an additional 300 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its stake in shares of Devon Energy by 108.3% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 21,318 shares of the energy company’s stock worth $1,070,000 after buying an additional 11,083 shares during the period. GSA Capital Partners LLP grew its holdings in shares of Devon Energy by 89.4% during the first quarter. GSA Capital Partners LLP now owns 18,351 shares of the energy company’s stock worth $921,000 after buying an additional 8,661 shares during the last quarter. Oxbow Advisors LLC acquired a new position in Devon Energy in the 1st quarter valued at about $203,000. Finally, Manchester Capital Management LLC raised its stake in Devon Energy by 40.9% during the 1st quarter. Manchester Capital Management LLC now owns 861 shares of the energy company’s stock valued at $43,000 after acquiring an additional 250 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 1.7 %

Shares of DVN stock opened at $40.01 on Thursday. Devon Energy Co. has a twelve month low of $37.76 and a twelve month high of $55.09. The company has a market capitalization of $25.05 billion, a price-to-earnings ratio of 7.42, a PEG ratio of 1.18 and a beta of 2.03. The firm has a 50-day moving average price of $40.81 and a 200 day moving average price of $45.06. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 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 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.65 earnings per share. Research analysts forecast that Devon Energy Co. will post 4.93 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.20%. Devon Energy’s payout ratio is currently 16.33%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on DVN shares. Mizuho dropped their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. Sanford C. Bernstein reduced their target price on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Morgan Stanley reduced their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research note on Tuesday, September 3rd. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $52.15.

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.