Great Valley Advisor Group Inc. Increases Stock Holdings in Devon Energy Co. (NYSE:DVN)

Great Valley Advisor Group Inc. lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 17.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,226 shares of the energy company’s stock after buying an additional 1,073 shares during the period. Great Valley Advisor Group Inc.’s holdings in Devon Energy were worth $283,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of DVN. Annex Advisory Services LLC lifted its holdings in Devon Energy by 0.8% during the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after acquiring an additional 223 shares during the period. Versant Capital Management Inc lifted its holdings in Devon Energy by 30.4% during the second quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after acquiring an additional 226 shares during the period. Archer Investment Corp lifted its holdings in Devon Energy by 2.8% during the second quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock worth $405,000 after acquiring an additional 235 shares during the period. Citizens Financial Group Inc. RI lifted its holdings in Devon Energy by 2.6% during the first quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock worth $476,000 after acquiring an additional 236 shares during the period. Finally, Institute for Wealth Management LLC. lifted its holdings in Devon Energy by 4.0% during the second quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock worth $296,000 after acquiring an additional 237 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Devon Energy stock opened at $37.83 on Thursday. The business has a 50-day simple moving average of $39.85 and a 200 day simple moving average of $43.73. Devon Energy Co. has a 52 week low of $37.28 and a 52 week high of $55.09. 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 cap of $24.85 billion, a price-to-earnings ratio of 7.05, a PEG ratio of 1.21 and a beta of 2.03.

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

Devon Energy Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on DVN. StockNews.com lowered Devon Energy from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Benchmark restated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Citigroup lowered their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday. Susquehanna lowered their target price 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. Finally, Raymond James lowered their target price on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price 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.