Financial Advocates Investment Management Purchases 1,007 Shares of Devon Energy Co. (NYSE:DVN)

Financial Advocates Investment Management lifted its position in Devon Energy Co. (NYSE:DVN) by 10.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,069 shares of the energy company’s stock after acquiring an additional 1,007 shares during the period. Financial Advocates Investment Management’s holdings in Devon Energy were worth $433,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in DVN. Fiducient Advisors LLC purchased a new stake in Devon Energy in the third quarter worth $276,000. JFS Wealth Advisors LLC boosted its holdings in shares of Devon Energy by 93.2% during the 3rd quarter. JFS Wealth Advisors LLC now owns 1,669 shares of the energy company’s stock valued at $65,000 after buying an additional 805 shares in the last quarter. SteelPeak Wealth LLC bought a new position in shares of Devon Energy in the 3rd quarter worth about $838,000. Pinnacle Associates Ltd. lifted its position in Devon Energy by 25.6% during the 3rd quarter. Pinnacle Associates Ltd. now owns 141,098 shares of the energy company’s stock valued at $5,520,000 after acquiring an additional 28,788 shares during the period. Finally, New York State Teachers Retirement System boosted its stake in Devon Energy by 14.2% during the third quarter. New York State Teachers Retirement System now owns 704,831 shares of the energy company’s stock worth $27,573,000 after acquiring an additional 87,462 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 0.9 %

Devon Energy stock opened at $38.32 on Friday. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09. The stock has a fifty day moving average of $41.04 and a 200 day moving average of $45.33. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The stock has a market cap of $24.00 billion, a PE ratio of 6.95, a price-to-earnings-growth ratio of 1.18 and a beta of 2.03.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 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 analyst estimates 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 for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.18 EPS. As a group, sell-side analysts predict that Devon Energy Co. will post 4.93 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s dividend payout ratio is 15.97%.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of analyst reports. Truist Financial decreased their target price on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Evercore ISI reduced their price objective on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Mizuho cut their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Finally, Morgan Stanley dropped their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $52.53.

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.