J.W. Cole Advisors Inc. Increases Stake in Devon Energy Co. (NYSE:DVN)

J.W. Cole Advisors Inc. grew its position in Devon Energy Co. (NYSE:DVN) by 11.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 120,800 shares of the energy company’s stock after purchasing an additional 12,882 shares during the period. J.W. Cole Advisors Inc.’s holdings in Devon Energy were worth $4,726,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in DVN. Triad Wealth Partners LLC purchased a new position in Devon Energy in the 2nd quarter worth about $27,000. Tradewinds Capital Management LLC purchased a new position in Devon Energy in the 1st quarter worth about $30,000. 1620 Investment Advisors Inc. purchased a new position in Devon Energy in the 2nd quarter worth about $34,000. PSI Advisors LLC increased its stake in Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares during the period. Finally, LRI Investments LLC purchased a new position in Devon Energy during the 1st quarter valued at about $39,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Piper Sandler reduced their price target on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a report on Tuesday, October 15th. StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a report on Tuesday, September 3rd. Wolfe Research assumed coverage on shares of Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Mizuho reduced their price target on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.53.

Devon Energy Stock Performance

NYSE:DVN traded down $0.32 during trading hours on Friday, hitting $39.19. 9,322,139 shares of the company were exchanged, compared to its average volume of 9,281,782. The stock has a market capitalization of $24.54 billion, a price-to-earnings ratio of 7.11, a PEG ratio of 1.22 and a beta of 2.02. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The company’s 50 day moving average price is $41.62 and its 200-day moving average price is $45.80.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. Devon Energy’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.18 EPS. As a group, research analysts forecast that Devon Energy Co. will post 4.98 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s dividend payout ratio is presently 15.97%.

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.