Straight Path Wealth Management Increases Stock Holdings in Devon Energy Co. (NYSE:DVN)

Straight Path Wealth Management increased its holdings in Devon Energy Co. (NYSE:DVN) by 238.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,900 shares of the energy company’s stock after purchasing an additional 11,200 shares during the period. Straight Path Wealth Management’s holdings in Devon Energy were worth $622,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in DVN. Vanguard Group Inc. grew its position in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares during the period. International Assets Investment Management LLC boosted its holdings in Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after acquiring an additional 2,226,983 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Devon Energy by 16.8% in the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after acquiring an additional 1,428,776 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings in Devon Energy by 7,165.6% in the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after acquiring an additional 1,357,311 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after acquiring an additional 1,255,543 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 2.3 %

NYSE DVN traded down $0.91 on Friday, hitting $38.47. 6,725,321 shares of the stock traded hands, compared to its average volume of 7,432,099. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a 50-day moving average of $40.09 and a 200 day moving average of $44.41. The company has a market capitalization of $25.27 billion, a P/E ratio of 7.14, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03. Devon Energy Co. has a twelve month low of $37.76 and a twelve month high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.65 EPS. As a group, analysts expect that Devon Energy Co. will post 4.84 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date is Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research analyst reports. Truist Financial cut Devon Energy from a “buy” rating to a “hold” rating and reduced their target price for the company from $49.00 to $43.00 in a report on Thursday, November 7th. Barclays reduced their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Susquehanna reduced their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. Finally, StockNews.com cut Devon Energy from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $51.80.

Devon Energy Company 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.