Smithbridge Asset Management Inc. DE Acquires 11,602 Shares of Devon Energy Co. (NYSE:DVN)

Smithbridge Asset Management Inc. DE lifted its holdings in Devon Energy Co. (NYSE:DVN) by 87.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,876 shares of the energy company’s stock after acquiring an additional 11,602 shares during the period. Smithbridge Asset Management Inc. DE’s holdings in Devon Energy were worth $973,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Triad Wealth Partners LLC bought a new position in Devon Energy in the 2nd quarter worth approximately $27,000. Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy in the first quarter worth $30,000. 1620 Investment Advisors Inc. bought a new position in shares of Devon Energy during the second quarter worth $34,000. PSI Advisors LLC boosted its position in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares during the last quarter. Finally, LRI Investments LLC purchased a new position in Devon Energy during the first quarter valued at $39,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research note on Tuesday, September 3rd. Truist Financial reduced their target price on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Susquehanna dropped their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a report on Friday, October 18th. Evercore ISI reduced their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $52.53.

Devon Energy Stock Performance

DVN stock traded down $0.75 during trading on Monday, hitting $38.44. 951,452 shares of the company traded hands, compared to its average volume of 7,306,298. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09. The company has a market cap of $24.07 billion, a PE ratio of 7.11, a P/E/G ratio of 1.22 and a beta of 2.02. The stock’s 50-day simple moving average is $41.62 and its 200 day simple moving average is $45.74. 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 (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.15. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business’s revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.18 EPS. On average, equities analysts expect that Devon Energy Co. will post 4.98 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced 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. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 15.97%.

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.