M Holdings Securities Inc. Lowers Stock Position in Devon Energy Co. (NYSE:DVN)

M Holdings Securities Inc. trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN) by 12.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,862 shares of the energy company’s stock after selling 3,539 shares during the period. M Holdings Securities Inc.’s holdings in Devon Energy were worth $1,012,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of DVN. William B. Walkup & Associates Inc. purchased a new position in Devon Energy in the second quarter worth $1,026,000. CIBC Asset Management Inc increased its holdings in shares of Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after purchasing an additional 6,358 shares in the last quarter. Smead Capital Management Inc. lifted its stake in shares of Devon Energy by 3.5% in the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after purchasing an additional 198,193 shares during the period. Nations Financial Group Inc. IA ADV purchased a new stake in Devon Energy during the third quarter worth about $592,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Devon Energy during the second quarter worth about $711,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

NYSE DVN opened at $39.45 on Friday. The business’s 50-day moving average price is $39.94 and its 200 day moving average price is $44.00. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. 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 $25.91 billion, a PE ratio of 7.32, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the firm posted $1.65 EPS. The company’s revenue was up 4.9% on a year-over-year basis. On average, research analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.23%. Devon Energy’s dividend payout ratio is presently 16.33%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on DVN. Susquehanna reduced their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Barclays decreased their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Scotiabank dropped their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Benchmark reiterated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Finally, TD Cowen lowered their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $51.85.

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.