Maxwell Wealth Strategies Inc. Raises Stake in Devon Energy Co. (NYSE:DVN)

Maxwell Wealth Strategies Inc. raised its position in Devon Energy Co. (NYSE:DVN) by 38.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,494 shares of the energy company’s stock after purchasing an additional 11,159 shares during the period. Maxwell Wealth Strategies Inc.’s holdings in Devon Energy were worth $1,593,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of DVN. Vanguard Group Inc. raised its stake in Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after buying an additional 2,559,039 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after purchasing an additional 2,226,983 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Devon Energy by 16.8% in the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after purchasing an additional 1,428,776 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in Devon Energy by 7,165.6% in the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after purchasing an additional 1,357,311 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Devon Energy by 16.7% during the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after purchasing an additional 1,255,543 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

DVN has been the topic of a number of recent analyst reports. Susquehanna dropped their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Benchmark reiterated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Raymond James decreased their target price on Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Evercore ISI cut their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Finally, TD Cowen lowered their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $51.80.

Devon Energy Stock Down 2.3 %

Shares of NYSE DVN opened at $38.47 on Friday. The stock has a market capitalization of $25.27 billion, a price-to-earnings ratio of 7.14, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03. Devon Energy Co. has a 52 week low of $37.76 and a 52 week high of $55.09. The firm has a 50-day moving average price of $40.09 and a 200 day moving average price of $44.41. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the company posted $1.65 earnings per share. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities research analysts anticipate that Devon Energy Co. will post 4.84 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. Stockholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

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.