Devon Energy Co. (NYSE:DVN) Holdings Reduced by Carnegie Investment Counsel

Carnegie Investment Counsel lessened its holdings in shares of Devon Energy Co. (NYSE:DVN) by 36.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,837 shares of the energy company’s stock after selling 4,000 shares during the period. Carnegie Investment Counsel’s holdings in Devon Energy were worth $267,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Triad Wealth Partners LLC acquired a new position in Devon Energy during the 2nd quarter worth $27,000. Tradewinds Capital Management LLC bought a new position in Devon Energy during the first quarter valued at about $30,000. 1620 Investment Advisors Inc. acquired a new position in Devon Energy during the second quarter worth about $34,000. PSI Advisors LLC raised its position in Devon Energy by 66.7% in 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 in the last quarter. Finally, LRI Investments LLC acquired a new stake in Devon Energy in the 1st quarter valued at about $39,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

DVN stock opened at $41.21 on Wednesday. The firm has a 50 day moving average of $42.38 and a two-hundred day moving average of $46.47. Devon Energy Co. has a 12 month low of $37.76 and a 12 month high of $55.09. The company has a market capitalization of $26.04 billion, a price-to-earnings ratio of 7.86, a P/E/G ratio of 1.27 and a beta of 2.02. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data 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 firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same period in the prior year, the company posted $1.18 earnings per share. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, equities analysts anticipate that Devon Energy Co. will post 5.01 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s dividend payout ratio is 16.79%.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent research reports. Barclays lowered their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. Truist Financial cut their target price on Devon Energy from $60.00 to $49.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Finally, BMO Capital Markets decreased their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.58.

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.