Teamwork Financial Advisors LLC Reduces Stock Position in Devon Energy Co. (NYSE:DVN)

Teamwork Financial Advisors LLC reduced its stake in Devon Energy Co. (NYSE:DVN) by 64.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,233 shares of the energy company’s stock after selling 23,954 shares during the period. Teamwork Financial Advisors LLC’s holdings in Devon Energy were worth $518,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

DVN has been the topic of several research analyst reports. Piper Sandler decreased their price target on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Tuesday. BMO Capital Markets decreased their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Wolfe Research began coverage on Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Jefferies Financial Group initiated coverage on Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective for the company. Finally, Wells Fargo & Company lowered their target price on shares of Devon Energy from $55.00 to $50.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Nine equities 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, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.58.

Devon Energy Price Performance

Shares of DVN opened at $40.57 on Friday. The company has a 50 day moving average of $42.24 and a two-hundred day moving average of $46.39. The company has a market cap of $25.64 billion, a price-to-earnings ratio of 7.74, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a twelve month low of $37.76 and a twelve month high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data 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 firm 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%. Devon Energy’s revenue was up 13.4% on a year-over-year basis. During the same period last year, the firm posted $1.18 EPS. As a group, analysts predict that Devon Energy Co. will post 5.01 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

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.