Janney Montgomery Scott LLC Trims Stock Holdings in Devon Energy Co. (NYSE:DVN)

Janney Montgomery Scott LLC lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 10.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 267,710 shares of the energy company’s stock after selling 30,363 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Devon Energy were worth $10,473,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC acquired a new stake in shares of Devon Energy during the second quarter worth $27,000. 1620 Investment Advisors Inc. acquired a new stake in Devon Energy in the 2nd quarter worth about $34,000. PSI Advisors LLC grew its holdings in 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 buying an additional 300 shares during the period. LRI Investments LLC acquired a new position in shares of Devon Energy during the 1st quarter valued at about $39,000. Finally, Manchester Capital Management LLC lifted its holdings in shares of Devon Energy by 40.9% during the 1st quarter. Manchester Capital Management LLC now owns 861 shares of the energy company’s stock worth $43,000 after acquiring an additional 250 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on DVN shares. Piper Sandler dropped their price target on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. Benchmark restated a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Barclays reduced their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. UBS Group dropped their price target on 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, Morgan Stanley reduced their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $51.80.

Devon Energy Stock Performance

Shares of DVN opened at $38.89 on Friday. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The firm has a market cap of $24.35 billion, a price-to-earnings ratio of 7.06, a PEG ratio of 1.20 and a beta of 2.03. The business’s 50 day moving average is $40.60 and its two-hundred day moving average is $44.99.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.65 EPS. Analysts forecast that Devon Energy Co. will post 4.93 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.26%. Devon Energy’s dividend payout ratio (DPR) is 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.