Prospera Private Wealth LLC Takes Position in Devon Energy Co. (NYSE:DVN)

Prospera Private Wealth LLC bought a new position in Devon Energy Co. (NYSE:DVN) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 18,173 shares of the energy company’s stock, valued at approximately $711,000.

Other institutional investors also recently modified their holdings of the company. Triad Wealth Partners LLC bought a new position in shares of Devon Energy during the second quarter valued at approximately $27,000. 1620 Investment Advisors Inc. purchased a new position in Devon Energy during the second quarter valued at $34,000. Capital Performance Advisors LLP purchased a new position in Devon Energy during the third quarter valued at $35,000. PSI Advisors LLC boosted its holdings in Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares in the last quarter. Finally, LRI Investments LLC bought a new position in shares of Devon Energy during the first quarter valued at $39,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

NYSE:DVN opened at $37.91 on Wednesday. The stock’s 50 day simple moving average is $39.99 and its two-hundred day simple moving average is $44.15. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09. The company has a market cap of $24.90 billion, a price-to-earnings ratio of 7.03, a PEG ratio of 1.20 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

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 net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the firm posted $1.65 EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, equities analysts anticipate that Devon Energy Co. will post 4.84 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders 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 2.32%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on DVN. Truist Financial lowered shares of Devon Energy from a “buy” rating to a “hold” rating and reduced their price objective for the company from $49.00 to $43.00 in a research note on Thursday, November 7th. TD Cowen decreased their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Raymond James cut their target price on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Evercore ISI decreased their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, September 30th. Finally, Mizuho dropped their price target on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $51.85.

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.