Devon Energy Co. (NYSE:DVN) Shares Sold by Focus Financial Network Inc.

Focus Financial Network Inc. cut its holdings in Devon Energy Co. (NYSE:DVN) by 10.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,241 shares of the energy company’s stock after selling 695 shares during the quarter. Focus Financial Network Inc.’s holdings in Devon Energy were worth $246,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Triad Wealth Partners LLC acquired a new stake in Devon Energy in the 2nd quarter worth approximately $27,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Devon Energy during the second quarter worth $34,000. PSI Advisors LLC increased its position in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the period. LRI Investments LLC acquired a new position in shares of Devon Energy in the 1st quarter valued at $39,000. Finally, Future Financial Wealth Managment LLC purchased a new position in Devon Energy in the 3rd quarter worth $39,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 0.9 %

Shares of DVN opened at $38.32 on Monday. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09. The firm has a market capitalization of $24.00 billion, a P/E ratio of 6.95, a P/E/G ratio of 1.19 and a beta of 2.03. The firm has a 50-day moving average price of $41.04 and a 200 day moving average price of $45.28. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last announced 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. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter last year, the firm earned $1.18 EPS. The business’s revenue was up 13.4% compared to the same quarter last year. Sell-side analysts forecast that Devon Energy Co. will post 4.93 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 15.97%.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research reports. Morgan Stanley cut their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Wolfe Research assumed coverage on shares of Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Susquehanna reduced their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Scotiabank decreased their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, UBS Group reduced their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average 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.