First Horizon Advisors Inc. Sells 481 Shares of Devon Energy Co. (NYSE:DVN)

First Horizon Advisors Inc. decreased its stake in shares of Devon Energy Co. (NYSE:DVN) by 38.9% during the third quarter, HoldingsChannel reports. The firm owned 757 shares of the energy company’s stock after selling 481 shares during the quarter. First Horizon Advisors Inc.’s holdings in Devon Energy were worth $30,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Triad Wealth Partners LLC bought a new stake in Devon Energy during the 2nd quarter valued at approximately $27,000. 1620 Investment Advisors Inc. purchased a new position in shares of Devon Energy in the 2nd quarter valued at approximately $34,000. PSI Advisors LLC boosted its position in shares of 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 purchasing an additional 300 shares in the last quarter. LRI Investments LLC purchased a new stake in Devon Energy in the first quarter worth $39,000. Finally, Capital Performance Advisors LLP bought a new position in Devon Energy in the third quarter worth $35,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the topic of a number of research reports. Truist Financial cut shares of 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. Morgan Stanley cut their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Wells Fargo & Company cut their price target on Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. lowered their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Hold” and a consensus target price of $51.85.

Devon Energy Price Performance

Shares of DVN opened at $38.28 on Tuesday. The firm has a fifty day simple moving average of $39.91 and a two-hundred day simple moving average of $43.81. The firm has a market cap of $25.14 billion, a PE ratio of 7.10, a P/E/G ratio of 1.25 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a 1-year low of $37.76 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.65 earnings per share. On average, equities analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s payout ratio 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.