L. Roy Papp & Associates LLP Raises Stock Holdings in Devon Energy Co. (NYSE:DVN)

L. Roy Papp & Associates LLP grew its stake in shares of Devon Energy Co. (NYSE:DVN) by 2.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,571 shares of the energy company’s stock after buying an additional 419 shares during the period. L. Roy Papp & Associates LLP’s holdings in Devon Energy were worth $609,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in DVN. New World Advisors LLC lifted its holdings in Devon Energy by 19.7% during the third quarter. New World Advisors LLC now owns 5,460 shares of the energy company’s stock valued at $214,000 after purchasing an additional 900 shares in the last quarter. J.W. Cole Advisors Inc. raised its position in shares of Devon Energy by 11.9% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 120,800 shares of the energy company’s stock valued at $4,726,000 after purchasing an additional 12,882 shares during the period. Ellis Investment Partners LLC lifted its stake in shares of Devon Energy by 11.4% during the 3rd quarter. Ellis Investment Partners LLC now owns 54,974 shares of the energy company’s stock valued at $2,151,000 after buying an additional 5,616 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in Devon Energy by 1.5% in the 3rd quarter. State of Alaska Department of Revenue now owns 75,210 shares of the energy company’s stock worth $2,941,000 after buying an additional 1,085 shares during the period. Finally, Valley National Advisers Inc. increased its stake in Devon Energy by 4,040.8% in the 3rd quarter. Valley National Advisers Inc. now owns 45,135 shares of the energy company’s stock worth $1,764,000 after buying an additional 44,045 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

DVN has been the topic of several research analyst reports. Morgan Stanley lowered their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Piper Sandler lowered their price target on Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. Scotiabank cut their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Jefferies Financial Group initiated coverage on shares of Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price on the stock. Finally, Wells Fargo & Company reaffirmed a “sector outperform” rating on shares of Devon Energy in a research note on Friday, October 18th. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.53.

Devon Energy Trading Down 0.8 %

Shares of DVN stock traded down $0.32 during trading hours on Friday, reaching $39.19. 9,322,139 shares of the stock were exchanged, compared to its average volume of 9,281,782. The firm has a market capitalization of $24.54 billion, a price-to-earnings ratio of 7.11, a price-to-earnings-growth ratio of 1.22 and a beta of 2.02. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09. The company’s 50-day moving average price is $41.62 and its 200-day moving average price is $45.80. 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 (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the previous year, the business earned $1.18 earnings per share. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. As a group, equities analysts anticipate that Devon Energy Co. will post 4.98 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.25%. Devon Energy’s payout ratio is 15.97%.

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.