Summit Financial Wealth Advisors LLC Increases Stock Holdings in Devon Energy Co. (NYSE:DVN)

Summit Financial Wealth Advisors LLC raised its position in Devon Energy Co. (NYSE:DVN) by 4.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 78,053 shares of the energy company’s stock after buying an additional 3,145 shares during the period. Summit Financial Wealth Advisors LLC’s holdings in Devon Energy were worth $3,053,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. William B. Walkup & Associates Inc. bought a new stake in shares of Devon Energy during the 2nd quarter valued at about $1,026,000. CIBC Asset Management Inc boosted its stake in Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after buying an additional 6,358 shares in the last quarter. Smead Capital Management Inc. grew its stake in shares of Devon Energy by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after purchasing an additional 198,193 shares during the last quarter. Nations Financial Group Inc. IA ADV acquired a new position in Devon Energy in the third quarter worth approximately $592,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Devon Energy during the second quarter worth $711,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $38.28 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The stock has a market capitalization of $25.14 billion, a price-to-earnings ratio of 7.10, a price-to-earnings-growth ratio of 1.25 and a beta of 2.03. The company has a fifty day moving average of $39.91 and a 200-day moving average of $43.81. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share 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 for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the business earned $1.65 EPS. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities research analysts expect that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders 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 yield of 2.30%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio is 16.33%.

Analysts Set New Price Targets

Several research analysts recently weighed in on DVN shares. BMO Capital Markets dropped their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Evercore ISI decreased their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. JPMorgan Chase & Co. lowered their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Finally, Jefferies Financial Group initiated coverage on shares of Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective on the stock. 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 presently has an average rating of “Hold” and a consensus target price of $51.85.

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.