Canal Capital Management LLC Boosts Stock Position in Devon Energy Co. (NYSE:DVN)

Canal Capital Management LLC lifted its stake in Devon Energy Co. (NYSE:DVN) by 9.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 145,918 shares of the energy company’s stock after acquiring an additional 12,579 shares during the period. Canal Capital Management LLC’s holdings in Devon Energy were worth $5,708,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. West Michigan Advisors LLC boosted its stake in Devon Energy by 1.1% in the 3rd quarter. West Michigan Advisors LLC now owns 62,019 shares of the energy company’s stock worth $2,426,000 after purchasing an additional 660 shares during the period. Mraz Amerine & Associates Inc. lifted its holdings in shares of Devon Energy by 17.4% in the third quarter. Mraz Amerine & Associates Inc. now owns 30,989 shares of the energy company’s stock worth $1,212,000 after buying an additional 4,601 shares in the last quarter. Bogart Wealth LLC boosted its position in shares of Devon Energy by 15.6% in the third quarter. Bogart Wealth LLC now owns 3,706 shares of the energy company’s stock valued at $145,000 after acquiring an additional 500 shares during the period. Impact Partnership Wealth LLC increased its holdings in Devon Energy by 9.6% during the 3rd quarter. Impact Partnership Wealth LLC now owns 25,037 shares of the energy company’s stock worth $979,000 after acquiring an additional 2,194 shares during the period. Finally, Keene & Associates Inc. lifted its stake in Devon Energy by 1.6% in the 3rd quarter. Keene & Associates Inc. now owns 73,264 shares of the energy company’s stock worth $2,866,000 after purchasing an additional 1,163 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on DVN shares. Morgan Stanley reduced their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Piper Sandler decreased their target price on Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 15th. Mizuho dropped their price target on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Wells Fargo & Company restated a “sector outperform” rating on shares of Devon Energy in a research report on Friday, October 18th. Finally, UBS Group dropped their target price on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $52.53.

Devon Energy Trading Up 0.3 %

Shares of DVN stock opened at $39.63 on Friday. The business has a 50-day moving average of $41.74 and a 200 day moving average of $45.96. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. Devon Energy Co. has a 1-year low of $37.76 and a 1-year high of $55.09. The stock has a market capitalization of $25.05 billion, a PE ratio of 7.54, a P/E/G ratio of 1.27 and a beta of 2.02.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the prior year, the firm posted $1.18 earnings per share. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Devon Energy Co. will post 5.01 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s payout ratio is 16.79%.

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.