Devon Energy Co. (NYSE:DVN) Shares Sold by Spirit of America Management Corp NY

Spirit of America Management Corp NY cut its stake in Devon Energy Co. (NYSE:DVN) by 2.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,050 shares of the energy company’s stock after selling 1,000 shares during the quarter. Spirit of America Management Corp NY’s holdings in Devon Energy were worth $1,723,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Triad Wealth Partners LLC purchased a new position in shares of Devon Energy in the second quarter valued at approximately $27,000. Tradewinds Capital Management LLC purchased a new position in Devon Energy in the 1st quarter valued at $30,000. 1620 Investment Advisors Inc. purchased a new position in Devon Energy in the 2nd quarter valued at $34,000. PSI Advisors LLC boosted its stake in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares during the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Devon Energy during the first quarter worth $39,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DVN. StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Wolfe Research started coverage on Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Truist Financial lowered their price objective on Devon Energy from $60.00 to $49.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Barclays cut their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Finally, Piper Sandler dropped their price objective on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a report on Tuesday, October 15th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $52.53.

Devon Energy Stock Performance

Shares of DVN stock opened at $39.51 on Friday. The firm has a 50 day moving average of $41.74 and a two-hundred day moving average of $45.96. The stock has a market capitalization of $24.97 billion, a PE ratio of 7.54, a P/E/G ratio of 1.27 and a beta of 2.02. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 52 week low of $37.76 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the prior year, the business earned $1.18 EPS. Devon Energy’s revenue was up 13.4% on a year-over-year basis. On average, research analysts predict that Devon Energy Co. will post 5.01 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $0.22 per share. The ex-dividend date was Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.23%. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

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.