Summit Financial Wealth Advisors LLC Grows Position in Devon Energy Co. (NYSE:DVN)

Summit Financial Wealth Advisors LLC grew its holdings in Devon Energy Co. (NYSE:DVN) by 4.2% during the third quarter, HoldingsChannel.com reports. The firm owned 78,053 shares of the energy company’s stock after acquiring an additional 3,145 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in Devon Energy were worth $3,053,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. SVB Wealth LLC increased its position in shares of Devon Energy by 68.3% in the 1st quarter. SVB Wealth LLC now owns 12,063 shares of the energy company’s stock valued at $605,000 after acquiring an additional 4,894 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in Devon Energy in the 1st quarter worth about $373,000. Tidal Investments LLC boosted its stake in Devon Energy by 32.3% during the 1st quarter. Tidal Investments LLC now owns 112,100 shares of the energy company’s stock worth $5,596,000 after purchasing an additional 27,357 shares during the last quarter. Comerica Bank boosted its position in Devon Energy by 8.5% during the first quarter. Comerica Bank now owns 238,558 shares of the energy company’s stock worth $11,971,000 after acquiring an additional 18,784 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC grew its position in shares of Devon Energy by 150.3% in the first quarter. Jaffetilchin Investment Partners LLC now owns 42,247 shares of the energy company’s stock valued at $2,120,000 after purchasing an additional 25,368 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN stock opened at $38.28 on Tuesday. The stock has a 50-day simple moving average of $39.91 and a 200-day simple moving average of $43.81. The firm has a market cap of $25.14 billion, a P/E ratio of 7.10, a price-to-earnings-growth ratio of 1.25 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the firm posted $1.65 earnings per share. The company’s revenue was up 4.9% compared to the same quarter last year. On average, equities analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.30%. Devon Energy’s payout ratio is 16.33%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Barclays cut their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. TD Cowen cut 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 note on Tuesday, November 5th. Raymond James lowered their target price on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Scotiabank cut their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Finally, Morgan Stanley lowered their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $51.85.

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.