Devon Energy Co. (NYSE:DVN) Stock Holdings Cut by First Trust Direct Indexing L.P.

First Trust Direct Indexing L.P. lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 13.5% in the third quarter, Holdings Channel.com reports. The fund owned 16,901 shares of the energy company’s stock after selling 2,632 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Devon Energy were worth $661,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Triad Wealth Partners LLC acquired a new stake in shares of Devon Energy during the 2nd quarter valued at $27,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Devon Energy during the 2nd quarter valued at $34,000. PSI Advisors LLC lifted its position in shares of Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the last quarter. LRI Investments LLC acquired a new stake in shares of Devon Energy during the 1st quarter valued at $39,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Devon Energy during the 3rd quarter valued at $39,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $38.32 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09. The business has a fifty day simple moving average of $41.04 and a 200 day simple moving average of $45.33. The firm has a market cap of $24.00 billion, a price-to-earnings ratio of 6.95, a P/E/G ratio of 1.18 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its quarterly 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. The company had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.18 earnings per share. As a group, sell-side analysts predict that Devon Energy Co. will post 4.93 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 annualized dividend and a yield of 2.30%. Devon Energy’s dividend payout ratio (DPR) is currently 15.97%.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of recent research reports. Scotiabank cut their price objective 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. Morgan Stanley reduced their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Truist Financial reduced their target price on Devon Energy from $60.00 to $49.00 and set a “buy” rating for the company in a report on Monday, September 30th. Wells Fargo & Company restated a “sector outperform” rating on shares of Devon Energy in a report on Friday, October 18th. Finally, Barclays reduced their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $52.53.

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.