MAI Capital Management Has $529,000 Holdings in Devon Energy Co. (NYSE:DVN)

MAI Capital Management reduced its position in shares of Devon Energy Co. (NYSE:DVN) by 23.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 13,527 shares of the energy company’s stock after selling 4,194 shares during the period. MAI Capital Management’s holdings in Devon Energy were worth $529,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of DVN. International Assets Investment Management LLC increased its stake in shares of 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 buying an additional 2,226,983 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after purchasing an additional 1,428,776 shares during the period. Los Angeles Capital Management LLC grew its position in shares of Devon Energy by 7,165.6% during the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock worth $65,234,000 after buying an additional 1,357,311 shares during the period. Dimensional Fund Advisors LP increased its stake 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 purchasing an additional 1,255,543 shares in the last quarter. Finally, National Bank of Canada FI increased its position in shares of Devon Energy by 447.6% in the 2nd quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock valued at $56,299,000 after buying an additional 964,147 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

NYSE:DVN opened at $39.45 on Friday. The stock has a market capitalization of $25.91 billion, a PE ratio of 7.32, a P/E/G ratio of 1.20 and a beta of 2.03. Devon Energy Co. has a 1-year low of $37.76 and a 1-year high of $55.09. The firm has a fifty day simple moving average of $39.94 and a 200 day simple moving average of $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 (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.65 EPS. On average, research analysts expect that Devon Energy Co. will post 4.81 EPS for the current fiscal year.

Devon Energy Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on DVN. Wells Fargo & Company decreased their target price on Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a research note on Thursday, November 7th. Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and dropped their target price for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. Mizuho lowered their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Finally, BMO Capital Markets lowered their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. One equities 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 company’s stock. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Hold” and an average price target of $51.85.

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.