Summit Trail Advisors LLC Sells 8,565 Shares of Devon Energy Co. (NYSE:DVN)

Summit Trail Advisors LLC decreased its position in Devon Energy Co. (NYSE:DVN) by 43.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,060 shares of the energy company’s stock after selling 8,565 shares during the quarter. Summit Trail Advisors LLC’s holdings in Devon Energy were worth $433,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. William B. Walkup & Associates Inc. bought a new position in shares of Devon Energy during the second quarter valued at $1,026,000. CIBC Asset Management Inc increased its holdings in shares of Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after acquiring an additional 6,358 shares in the last quarter. Smead Capital Management Inc. increased its holdings in shares of Devon Energy by 3.5% during the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after acquiring an additional 198,193 shares in the last quarter. Nations Financial Group Inc. IA ADV bought a new position in shares of Devon Energy during the third quarter valued at $592,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in shares of Devon Energy during the second quarter valued at $711,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Down 1.5 %

DVN stock opened at $37.71 on Wednesday. Devon Energy Co. has a twelve month low of $37.28 and a twelve month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The stock has a market cap of $24.77 billion, a P/E ratio of 7.00, a PEG ratio of 1.25 and a beta of 2.03. The business’s 50-day moving average price is $39.91 and its 200-day moving average price is $43.81.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share 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 firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the firm earned $1.65 EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. On average, equities research analysts forecast 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. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.33%. Devon Energy’s payout ratio is currently 16.33%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on DVN. Jefferies Financial Group began coverage on Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target for the company. Benchmark reiterated a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. Finally, Barclays reduced their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $51.15.

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.