Concord Asset Management LLC VA Purchases 473 Shares of Devon Energy Co. (NYSE:DVN)

Concord Asset Management LLC VA boosted its position in Devon Energy Co. (NYSE:DVN) by 5.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,861 shares of the energy company’s stock after acquiring an additional 473 shares during the period. Concord Asset Management LLC VA’s holdings in Devon Energy were worth $386,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Straight Path Wealth Management boosted its holdings in Devon Energy by 238.3% in the third quarter. Straight Path Wealth Management now owns 15,900 shares of the energy company’s stock valued at $622,000 after acquiring an additional 11,200 shares during the last quarter. Maxwell Wealth Strategies Inc. boosted its holdings in Devon Energy by 38.0% in the third quarter. Maxwell Wealth Strategies Inc. now owns 40,494 shares of the energy company’s stock valued at $1,593,000 after acquiring an additional 11,159 shares during the last quarter. Empirical Finance LLC boosted its holdings in Devon Energy by 2.7% during the third quarter. Empirical Finance LLC now owns 20,602 shares of the energy company’s stock worth $806,000 after buying an additional 537 shares during the last quarter. Empowered Funds LLC boosted its holdings in Devon Energy by 52.9% during the third quarter. Empowered Funds LLC now owns 710,952 shares of the energy company’s stock worth $27,812,000 after buying an additional 246,059 shares during the last quarter. Finally, Vectors Research Management LLC boosted its holdings in Devon Energy by 5.4% during the third quarter. Vectors Research Management LLC now owns 19,083 shares of the energy company’s stock worth $747,000 after buying an additional 982 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

DVN has been the topic of a number of recent analyst reports. Mizuho reduced their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. TD Cowen reduced their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. StockNews.com cut Devon Energy from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Morgan Stanley reduced their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Finally, Truist Financial cut Devon Energy from a “buy” rating to a “hold” rating and reduced their target price for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $51.80.

Devon Energy Stock Down 2.3 %

Shares of Devon Energy stock opened at $38.47 on Friday. The business’s 50 day simple moving average is $40.09 and its 200 day simple moving average is $44.37. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The firm has a market cap of $25.27 billion, a PE ratio of 7.14, a P/E/G ratio of 1.20 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating 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 business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the firm earned $1.65 EPS. Devon Energy’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, analysts predict that Devon Energy Co. will post 4.84 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

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.