Concurrent Investment Advisors LLC Cuts Stock Holdings in Devon Energy Co. (NYSE:DVN)

Concurrent Investment Advisors LLC cut its stake in shares of Devon Energy Co. (NYSE:DVN) by 3.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 72,561 shares of the energy company’s stock after selling 2,818 shares during the period. Concurrent Investment Advisors LLC’s holdings in Devon Energy were worth $2,839,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Radnor Capital Management LLC boosted its holdings in Devon Energy by 14.4% in the third quarter. Radnor Capital Management LLC now owns 19,955 shares of the energy company’s stock valued at $781,000 after acquiring an additional 2,505 shares during the last quarter. Long Run Wealth Advisors LLC raised its holdings in shares of Devon Energy by 10.3% in the 3rd quarter. Long Run Wealth Advisors LLC now owns 6,064 shares of the energy company’s stock worth $237,000 after purchasing an additional 568 shares during the period. Crescent Grove Advisors LLC acquired a new position in shares of Devon Energy in the 3rd quarter valued at about $403,000. Moloney Securities Asset Management LLC purchased a new stake in shares of Devon Energy during the 3rd quarter worth about $1,057,000. Finally, Hazlett Burt & Watson Inc. increased its position in Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on DVN. UBS Group dropped their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Scotiabank reduced their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. JPMorgan Chase & Co. decreased their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Barclays dropped their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Finally, Susquehanna decreased their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a report on Friday, October 18th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $52.15.

Devon Energy Stock Performance

DVN stock opened at $40.01 on Thursday. The stock’s 50 day simple moving average is $40.81 and its 200 day simple moving average is $45.06. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09. The firm has a market cap of $25.05 billion, a P/E ratio of 7.42, a P/E/G ratio of 1.18 and a beta of 2.03.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the company posted $1.65 earnings per share. Devon Energy’s revenue was up 4.9% on a year-over-year basis. As a group, equities research analysts predict that Devon Energy Co. will post 4.93 EPS for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

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.