Devon Energy Co. (NYSE:DVN) Shares Sold by Kovack Advisors Inc.

Kovack Advisors Inc. lessened its holdings in shares of Devon Energy Co. (NYSE:DVN) by 68.9% in the third quarter, Holdings Channel reports. The firm owned 15,813 shares of the energy company’s stock after selling 35,070 shares during the period. Kovack Advisors Inc.’s holdings in Devon Energy were worth $619,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after purchasing an additional 361,968 shares during the period. Pacer Advisors Inc. grew its holdings in Devon Energy by 16.8% during the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after purchasing an additional 1,428,776 shares in the last quarter. Raymond James & Associates increased its stake in Devon Energy by 1.5% during the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after buying an additional 138,919 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN opened at $39.36 on Friday. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The firm has a market capitalization of $25.86 billion, a PE ratio of 7.30, a P/E/G ratio of 1.19 and a beta of 2.03. The firm has a 50-day moving average price of $40.15 and a 200 day moving average price of $44.52. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

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

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.24%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Analyst Ratings Changes

Several analysts have recently weighed in on DVN shares. Scotiabank lowered their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Wolfe Research assumed coverage on Devon Energy in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Jefferies Financial Group began coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target for the company. StockNews.com cut shares of Devon Energy from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Hold” and a consensus target price of $51.80.

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.