Hobbs Group Advisors LLC Sells 10,737 Shares of Devon Energy Co. (NYSE:DVN)

Hobbs Group Advisors LLC trimmed its stake in Devon Energy Co. (NYSE:DVN) by 69.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 4,734 shares of the energy company’s stock after selling 10,737 shares during the period. Hobbs Group Advisors LLC’s holdings in Devon Energy were worth $185,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC raised its holdings in Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after buying an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. bought a new position in Devon Energy during the third quarter valued at $461,857,000. Pacer Advisors Inc. raised its stake in shares of Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares during the period. EnCap Partners GP LLC purchased a new stake in shares of Devon Energy in the third quarter valued at $408,653,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 3.8% in the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after acquiring an additional 361,968 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 2.2 %

Shares of NYSE DVN opened at $34.73 on Wednesday. The stock has a market capitalization of $22.81 billion, a PE ratio of 6.44, a price-to-earnings-growth ratio of 1.11 and a beta of 1.99. 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 12-month low of $34.69 and a 12-month high of $55.09. The stock’s fifty day simple moving average is $39.18 and its two-hundred day simple moving average is $42.83.

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

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors 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 yield of 2.53%. Devon Energy’s payout ratio is 16.33%.

Wall Street Analysts Forecast Growth

DVN has been the topic of several analyst reports. Benchmark reiterated a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. StockNews.com cut Devon Energy from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Susquehanna decreased their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. TD Cowen cut their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $50.75.

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.