Hartford Investment Management Co. Lowers Stock Holdings in Devon Energy Co. (NYSE:DVN)

Hartford Investment Management Co. cut its holdings in shares of Devon Energy Co. (NYSE:DVN) by 2.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,330 shares of the energy company’s stock after selling 1,165 shares during the period. Hartford Investment Management Co.’s holdings in Devon Energy were worth $1,539,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in DVN. Retirement Group LLC lifted its holdings in Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after buying an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after acquiring an additional 209 shares in the last quarter. MCF Advisors LLC boosted its holdings in Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares during the period. Annex Advisory Services LLC grew its stake in Devon Energy by 0.8% during the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after purchasing an additional 223 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in Devon Energy by 30.4% during the 2nd quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after purchasing an additional 226 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 0.8 %

Shares of NYSE:DVN opened at $39.19 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The stock has a market cap of $24.77 billion, a P/E ratio of 7.48, a P/E/G ratio of 1.27 and a beta of 2.02. Devon Energy Co. has a 1-year low of $37.76 and a 1-year high of $55.09. The firm has a fifty day moving average price of $41.62 and a 200 day moving average price of $45.86.

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

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.25%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on DVN. Truist Financial lowered their price objective on Devon Energy from $60.00 to $49.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Sanford C. Bernstein lowered their price target on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. Evercore ISI reduced their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. UBS Group lowered 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 note on Wednesday, September 18th. Finally, BMO Capital Markets cut their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $52.53.

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.