Pathstone Holdings LLC Has $7.80 Million Position in Devon Energy Co. (NYSE:DVN)

Pathstone Holdings LLC increased its position in shares of Devon Energy Co. (NYSE:DVN) by 20.6% during the third quarter, Holdings Channel reports. The institutional investor owned 199,218 shares of the energy company’s stock after purchasing an additional 34,056 shares during the quarter. Pathstone Holdings LLC’s holdings in Devon Energy were worth $7,797,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its position in shares of Devon Energy by 3.0% during the first quarter. Bessemer Group Inc. now owns 53,307 shares of the energy company’s stock valued at $2,676,000 after purchasing an additional 1,542 shares during the period. CANADA LIFE ASSURANCE Co boosted its stake in Devon Energy by 1.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 339,129 shares of the energy company’s stock worth $17,029,000 after buying an additional 4,331 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Devon Energy in the 1st quarter valued at $734,000. CreativeOne Wealth LLC raised its stake in shares of Devon Energy by 76.8% in the 1st quarter. CreativeOne Wealth LLC now owns 19,421 shares of the energy company’s stock valued at $975,000 after buying an additional 8,436 shares in the last quarter. Finally, EP Wealth Advisors LLC boosted its position in shares of Devon Energy by 14.5% during the 1st quarter. EP Wealth Advisors LLC now owns 9,393 shares of the energy company’s stock valued at $471,000 after acquiring an additional 1,188 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Up 1.2 %

Shares of NYSE:DVN opened at $38.77 on Friday. The company has a 50 day moving average price of $39.94 and a two-hundred day moving average price of $44.08. The company has a market capitalization of $25.47 billion, a PE ratio of 7.19, a PEG ratio of 1.20 and a beta of 2.03. Devon Energy Co. has a 52 week low of $37.76 and a 52 week high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the company posted $1.65 earnings per share. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. Analysts forecast that Devon Energy Co. will post 4.81 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Mizuho dropped their price target 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. Piper Sandler raised their target price on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. UBS Group reduced their target price on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Finally, Scotiabank dropped their target price on shares of 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. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $51.85.

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.