Oppenheimer & Co. Inc. Lowers Holdings in Devon Energy Co. (NYSE:DVN)

Oppenheimer & Co. Inc. lessened its stake in Devon Energy Co. (NYSE:DVN) by 4.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 141,153 shares of the energy company’s stock after selling 6,884 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Devon Energy were worth $5,522,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of DVN. Annex Advisory Services LLC increased its holdings in Devon Energy by 0.8% in the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after buying an additional 223 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Devon Energy by 30.4% during the second quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock valued at $46,000 after purchasing an additional 226 shares during the last quarter. Archer Investment Corp lifted its position in Devon Energy by 2.8% during the second quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock valued at $405,000 after purchasing an additional 235 shares during the period. Citizens Financial Group Inc. RI boosted its holdings in Devon Energy by 2.6% in the first quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock worth $476,000 after purchasing an additional 236 shares during the last quarter. Finally, Institute for Wealth Management LLC. grew its position in Devon Energy by 4.0% in the 2nd quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock worth $296,000 after purchasing an additional 237 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

NYSE:DVN opened at $39.36 on Friday. The firm has a market capitalization of $25.86 billion, a price-to-earnings ratio of 7.30, a PEG 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. The business has a 50 day simple moving average of $40.15 and a 200-day simple moving average of $44.52. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the firm posted $1.65 EPS. The firm’s revenue was up 4.9% compared to the same quarter last year. Equities analysts forecast that Devon Energy Co. will post 4.86 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on DVN shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. BMO Capital Markets decreased their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and cut their price objective for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Evercore ISI cut their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. Finally, Jefferies Financial Group began coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective for the company. One investment 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. According to MarketBeat.com, Devon Energy currently has a consensus rating of “Hold” and an average target price of $51.80.

Devon Energy Company 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.