Covestor Ltd Has $85,000 Stock Position in Devon Energy Co. (NYSE:DVN)

Covestor Ltd boosted its position in shares of Devon Energy Co. (NYSE:DVN) by 312.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,176 shares of the energy company’s stock after purchasing an additional 1,648 shares during the period. Covestor Ltd’s holdings in Devon Energy were worth $85,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Triad Wealth Partners LLC acquired a new stake in shares of Devon Energy in the second quarter valued at $27,000. 1620 Investment Advisors Inc. acquired a new stake in Devon Energy in the 2nd quarter valued at about $34,000. Capital Performance Advisors LLP acquired a new stake in Devon Energy in the 3rd quarter valued at about $35,000. PSI Advisors LLC raised 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 acquiring an additional 300 shares during the last quarter. Finally, LRI Investments LLC acquired a new position in shares of Devon Energy during the first quarter worth approximately $39,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on DVN. Sanford C. Bernstein reduced their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. Susquehanna cut their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Barclays lowered 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. JPMorgan Chase & Co. cut their target price 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. Finally, Benchmark reiterated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $51.80.

Devon Energy Trading Up 2.0 %

Shares of NYSE:DVN opened at $39.10 on Thursday. The firm has a market cap of $25.68 billion, a price-to-earnings ratio of 7.25, a PEG ratio of 1.19 and a beta of 2.03. 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 Co. has a 12 month low of $37.76 and a 12 month high of $55.09. The company’s fifty day simple moving average is $40.20 and its 200 day simple moving average is $44.55.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 24.73% and a net margin of 21.71%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the business posted $1.65 EPS. As a group, research analysts forecast that Devon Energy Co. will post 4.86 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio 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.