Devon Energy Co. (NYSE:DVN) Stock Holdings Reduced by Harrell Investment Partners LLC

Harrell Investment Partners LLC reduced its position in Devon Energy Co. (NYSE:DVN) by 2.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 88,782 shares of the energy company’s stock after selling 2,199 shares during the period. Harrell Investment Partners LLC’s holdings in Devon Energy were worth $3,473,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DVN. Vanguard Group Inc. raised its position in Devon Energy by 3.5% during 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 acquiring an additional 2,559,039 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Devon Energy by 16.8% during the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after purchasing an additional 1,428,776 shares in the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of Devon Energy by 7,165.6% in the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after purchasing an additional 1,357,311 shares during the last quarter. 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 worth $416,779,000 after purchasing an additional 1,255,543 shares in the last quarter. Finally, National Bank of Canada FI increased its position in Devon Energy by 447.6% during the second quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock worth $56,299,000 after buying an additional 964,147 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of NYSE DVN traded down $0.24 during trading hours on Monday, reaching $42.72. The stock had a trading volume of 1,227,688 shares, compared to its average volume of 7,254,240. The company has a market cap of $27.00 billion, a price-to-earnings ratio of 8.20, a PEG ratio of 1.27 and a beta of 2.02. Devon Energy Co. has a twelve month low of $37.76 and a twelve month high of $55.09. The business’s fifty day moving average is $42.37 and its two-hundred day moving average is $46.58. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the prior year, the company posted $1.18 EPS. The business’s revenue was up 13.4% on a year-over-year basis. As a group, research analysts expect that Devon Energy Co. will post 5.01 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s payout ratio is 16.79%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on DVN. Mizuho reduced their price target on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Evercore ISI reduced their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a report on Tuesday, September 3rd. Wells Fargo & Company reduced their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. Finally, Jefferies Financial Group started coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price on the stock. Eight research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $52.63.

About Devon Energy

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.