Sequoia Financial Advisors LLC Grows Stake in Devon Energy Co. (NYSE:DVN)

Sequoia Financial Advisors LLC lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 4.6% in the third quarter, Holdings Channel reports. The firm owned 35,711 shares of the energy company’s stock after buying an additional 1,564 shares during the period. Sequoia Financial Advisors LLC’s holdings in Devon Energy were worth $1,397,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy during the second quarter worth about $27,000. Tradewinds Capital Management LLC purchased a new stake in shares of Devon Energy during the first quarter worth about $30,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Devon Energy during the second quarter worth about $34,000. PSI Advisors LLC increased its stake in shares of Devon Energy by 66.7% during 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 in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Devon Energy during the first quarter worth about $39,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

DVN has been the subject of several research reports. Truist Financial dropped their price objective on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Wolfe Research initiated coverage on shares of Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Piper Sandler dropped their price objective on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. Mizuho dropped their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Finally, Jefferies Financial Group initiated coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $52.53.

Devon Energy Stock Performance

Shares of DVN stock opened at $39.51 on Friday. The firm’s 50 day moving average price is $41.74 and its 200-day moving average price is $45.96. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09. The firm has a market cap of $24.97 billion, a P/E ratio of 7.54, a P/E/G ratio of 1.27 and a beta of 2.02.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period in the prior year, the business posted $1.18 EPS. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. As a group, equities research analysts predict that Devon Energy Co. will post 5.01 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.23%. Devon Energy’s dividend payout ratio is currently 16.79%.

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.