Alta Wealth Advisors LLC Buys New Position in Devon Energy Co. (NYSE:DVN)

Alta Wealth Advisors LLC purchased a new position in Devon Energy Co. (NYSE:DVN) during the 3rd quarter, Holdings Channel reports. The fund purchased 5,412 shares of the energy company’s stock, valued at approximately $212,000.

Several other institutional investors and hedge funds have also modified their holdings of DVN. Salem Investment Counselors Inc. lifted its position in Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after purchasing an additional 199 shares during the last quarter. Retirement Group LLC lifted its holdings in shares of Devon Energy by 21.8% in the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after acquiring an additional 199 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Devon Energy by 7.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after acquiring an additional 209 shares during the last quarter. MCF Advisors LLC grew its position in Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after acquiring an additional 215 shares in the last quarter. Finally, Annex Advisory Services LLC increased its stake 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 last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on DVN shares. Morgan Stanley dropped their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Sanford C. Bernstein dropped their price objective on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Susquehanna reduced their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Finally, Evercore ISI cut their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $52.53.

Devon Energy Stock Performance

DVN stock opened at $40.66 on Friday. Devon Energy Co. has a 1-year low of $37.76 and a 1-year high of $55.09. The business has a 50-day moving average price of $42.15 and a 200 day moving average price of $46.28. The company has a market capitalization of $25.70 billion, a P/E ratio of 7.76, a PEG ratio of 1.27 and a beta of 2.02. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

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

Devon Energy Announces Dividend

The business also recently declared 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 of this dividend was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.16%. Devon Energy’s dividend payout ratio is presently 16.79%.

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.