United Services Automobile Association Sells 3,205 Shares of Devon Energy Co. (NYSE:DVN)

United Services Automobile Association cut its stake in Devon Energy Co. (NYSE:DVN) by 18.8% during the third quarter, HoldingsChannel reports. The firm owned 13,844 shares of the energy company’s stock after selling 3,205 shares during the period. United Services Automobile Association’s holdings in Devon Energy were worth $542,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Archer Investment Corp increased its position in shares of Devon Energy by 2.8% during the second quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock worth $405,000 after acquiring an additional 235 shares during the period. Institute for Wealth Management LLC. raised its position in Devon Energy by 4.0% during the 2nd quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock valued at $296,000 after purchasing an additional 237 shares in the last quarter. SkyOak Wealth LLC lifted its holdings in shares of Devon Energy by 4.1% in the 2nd quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock worth $298,000 after buying an additional 250 shares during the period. SeaCrest Wealth Management LLC grew its position in shares of Devon Energy by 0.8% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 33,340 shares of the energy company’s stock worth $1,580,000 after buying an additional 252 shares in the last quarter. Finally, Riversedge Advisors LLC increased its stake in shares of Devon Energy by 3.6% during the third quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock valued at $287,000 after buying an additional 253 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on DVN shares. Scotiabank cut their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Jefferies Financial Group started coverage on Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price for the company. Benchmark reissued a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and dropped their price objective for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Finally, TD Cowen decreased their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $50.75.

Devon Energy Stock Down 2.7 %

Shares of DVN stock opened at $34.99 on Monday. Devon Energy Co. has a fifty-two week low of $34.76 and a fifty-two week high of $55.09. The firm has a market capitalization of $22.98 billion, a PE ratio of 6.49, a P/E/G ratio of 1.15 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The stock’s 50-day simple moving average is $39.36 and its 200-day simple moving average is $43.02.

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

Devon Energy Dividend Announcement

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 given a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.52%. Devon Energy’s dividend payout ratio is presently 16.33%.

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.