Oppenheimer & Co. Inc. Cuts Stake in Devon Energy Co. (NYSE:DVN)

Oppenheimer & Co. Inc. decreased its holdings in Devon Energy Co. (NYSE:DVN) by 4.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 141,153 shares of the energy company’s stock after selling 6,884 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Devon Energy were worth $5,522,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Triad Wealth Partners LLC acquired a new stake in Devon Energy in the second quarter valued at approximately $27,000. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy in the second quarter worth about $34,000. PSI Advisors LLC boosted its position in 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. LRI Investments LLC purchased a new position in shares of Devon Energy during the 1st quarter valued at approximately $39,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Devon Energy in the third quarter valued at about $35,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research analyst reports. TD Cowen lowered their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Benchmark reissued a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. 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. StockNews.com cut Devon Energy from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Morgan Stanley decreased their price target on shares of 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 data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $51.80.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $39.36 on Friday. 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 one year low of $37.76 and a one year high of $55.09. The company has a 50-day simple moving average of $40.15 and a 200-day simple moving average of $44.52. The stock has a market capitalization of $25.86 billion, a price-to-earnings ratio of 7.30, a PEG ratio of 1.19 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the firm earned $1.65 EPS. Devon Energy’s quarterly revenue was up 4.9% on a year-over-year basis. On average, analysts predict that Devon Energy Co. will post 4.86 EPS for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 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.