Wealth Effects LLC Has $418,000 Stock Position in Devon Energy Co. (NYSE:DVN)

Wealth Effects LLC boosted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 46.9% during the third quarter, Holdings Channel.com reports. The institutional investor owned 10,673 shares of the energy company’s stock after acquiring an additional 3,408 shares during the quarter. Wealth Effects LLC’s holdings in Devon Energy were worth $418,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Wellington Management Group LLP lifted its holdings in Devon Energy by 9.8% during the 4th quarter. Wellington Management Group LLP now owns 173,024 shares of the energy company’s stock valued at $7,838,000 after purchasing an additional 15,384 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Devon Energy during the 1st quarter worth about $951,000. Salem Investment Counselors Inc. grew its stake in Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after buying an additional 199 shares during the last quarter. Global Assets Advisory LLC bought a new position in Devon Energy in the 1st quarter valued at about $10,895,000. Finally, Nepsis Inc. lifted its position in Devon Energy by 1.7% during the first quarter. Nepsis Inc. now owns 420,914 shares of the energy company’s stock worth $21,121,000 after acquiring an additional 7,104 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. 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. Piper Sandler decreased their price objective on Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. Susquehanna reduced their target price 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. Wolfe Research assumed coverage on shares of Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Truist Financial dropped their price objective on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $52.53.

Devon Energy Price Performance

Shares of Devon Energy stock traded down $0.57 during midday trading on Monday, hitting $40.09. 2,688,287 shares of the company traded hands, compared to its average volume of 7,330,480. The stock has a market cap of $25.34 billion, a price-to-earnings ratio of 7.65, a PEG 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. The firm’s fifty day moving average price is $42.15 and its 200-day moving average price is $46.28. Devon Energy Co. has a 12 month low of $37.76 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last posted 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. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the previous year, the firm posted $1.18 earnings per share. The company’s revenue was up 13.4% on a year-over-year basis. As a group, sell-side analysts forecast that Devon Energy Co. will post 5.01 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders 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 annualized dividend and a yield of 2.20%. Devon Energy’s dividend payout ratio is presently 16.79%.

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.