Pin Oak Investment Advisors Inc. Decreases Stock Position in Devon Energy Co. (NYSE:DVN)

Pin Oak Investment Advisors Inc. cut its stake in shares of Devon Energy Co. (NYSE:DVN) by 2.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,315 shares of the energy company’s stock after selling 450 shares during the quarter. Pin Oak Investment Advisors Inc.’s holdings in Devon Energy were worth $599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Triad Wealth Partners LLC bought a new position in shares of Devon Energy in the second quarter worth approximately $27,000. 1620 Investment Advisors Inc. purchased a new position in shares of Devon Energy in the second quarter valued at about $34,000. Capital Performance Advisors LLP bought a new position in shares of Devon Energy during the third quarter valued at about $35,000. PSI Advisors LLC grew its stake in shares of 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 purchasing an additional 300 shares during the last quarter. Finally, LRI Investments LLC purchased a new position in Devon Energy during the 1st quarter valued at about $39,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $37.83 on Thursday. The firm’s 50 day moving average price is $39.85 and its 200-day moving average price is $43.73. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $24.85 billion, a PE ratio of 7.02, a price-to-earnings-growth ratio of 1.21 and a beta of 2.03. Devon Energy Co. has a twelve month low of $37.28 and a twelve month high of $55.09.

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

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is 16.33%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on DVN shares. StockNews.com downgraded Devon Energy from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. reduced their price target on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Morgan Stanley lowered their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Mizuho lowered their price objective on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Finally, UBS Group lowered their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $51.15.

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.