Covestor Ltd Has $85,000 Stock Position in Devon Energy Co. (NYSE:DVN)

Covestor Ltd boosted its stake in shares of Devon Energy Co. (NYSE:DVN) by 312.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,176 shares of the energy company’s stock after purchasing an additional 1,648 shares during the period. Covestor Ltd’s holdings in Devon Energy were worth $85,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy during the 2nd quarter worth approximately $27,000. 1620 Investment Advisors Inc. acquired a new position in Devon Energy during the second quarter worth $34,000. Capital Performance Advisors LLP bought a new stake in Devon Energy during the third quarter worth $35,000. PSI Advisors LLC lifted its stake in Devon Energy by 66.7% in the second 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. Finally, LRI Investments LLC bought a new position in shares of Devon Energy in the 1st quarter valued at about $39,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $39.10 on Thursday. The company’s 50 day moving average price is $40.20 and its two-hundred day moving average price is $44.55. The firm has a market capitalization of $25.68 billion, a P/E ratio of 7.25, a P/E/G ratio of 1.19 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a fifty-two week low of $37.76 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.65 EPS. On average, equities analysts forecast that Devon Energy Co. will post 4.86 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.25%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on DVN shares. TD Cowen cut their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. BMO Capital Markets cut their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. UBS Group decreased their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and cut their price target for the company from $49.00 to $43.00 in a report on Thursday, November 7th. Finally, Jefferies Financial Group assumed coverage on shares of Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective on the stock. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $51.80.

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.