M Holdings Securities Inc. Decreases Stake in Devon Energy Co. (NYSE:DVN)

M Holdings Securities Inc. lessened its holdings in shares of Devon Energy Co. (NYSE:DVN) by 12.0% in the third quarter, Holdings Channel reports. The firm owned 25,862 shares of the energy company’s stock after selling 3,539 shares during the period. M Holdings Securities Inc.’s holdings in Devon Energy were worth $1,012,000 at the end of the most recent quarter.

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

Devon Energy Stock Up 1.9 %

DVN stock opened at $39.45 on Friday. The firm has a fifty day moving average price of $39.94 and a two-hundred day moving average price of $44.00. 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 Co. has a 1-year low of $37.76 and a 1-year high of $55.09. The firm has a market cap of $25.91 billion, a price-to-earnings ratio of 7.32, a PEG ratio of 1.22 and a beta of 2.03.

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

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.23%. Devon Energy’s dividend payout ratio is currently 16.33%.

Analysts Set New Price Targets

Several brokerages recently commented on DVN. Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and dropped their target price for the company from $49.00 to $43.00 in a report on Thursday, November 7th. BMO Capital Markets dropped their price objective on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. StockNews.com cut shares of Devon Energy from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Morgan Stanley lowered their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Finally, Barclays cut their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $51.85.

Devon Energy 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.