Independent Solutions Wealth Management LLC Grows Stock Holdings in Devon Energy Co. (NYSE:DVN)

Independent Solutions Wealth Management LLC grew its position in shares of Devon Energy Co. (NYSE:DVN) by 38.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 13,781 shares of the energy company’s stock after acquiring an additional 3,797 shares during the period. Independent Solutions Wealth Management LLC’s holdings in Devon Energy were worth $539,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of DVN. Archer Investment Corp lifted its holdings in shares of Devon Energy by 2.8% in the 2nd quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock worth $405,000 after acquiring an additional 235 shares during the last quarter. Institute for Wealth Management LLC. lifted its stake in Devon Energy by 4.0% in the second quarter. Institute for Wealth Management LLC. now owns 6,234 shares of the energy company’s stock worth $296,000 after purchasing an additional 237 shares during the last quarter. SkyOak Wealth LLC boosted its position in Devon Energy by 4.1% during the second quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock valued at $298,000 after buying an additional 250 shares during the period. Riversedge Advisors LLC grew its stake in shares of Devon Energy by 3.6% during the third quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock valued at $287,000 after buying an additional 253 shares during the last quarter. Finally, Modus Advisors LLC increased its holdings in shares of Devon Energy by 2.4% in the third quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock worth $447,000 after buying an additional 272 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

NYSE DVN traded down $0.40 during trading hours on Thursday, hitting $30.70. The company’s stock had a trading volume of 8,837,778 shares, compared to its average volume of 7,647,401. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The company has a market cap of $20.17 billion, a P/E ratio of 5.70, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The company’s 50 day simple moving average is $38.14 and its two-hundred day simple moving average is $42.24. Devon Energy Co. has a 12 month low of $30.58 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company 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 posted $1.65 earnings per share. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, sell-side analysts expect that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared 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. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s payout ratio is presently 16.33%.

Analyst Ratings Changes

Several equities analysts recently issued reports on DVN shares. UBS Group reduced their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Piper Sandler decreased their target price on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday. BMO Capital Markets dropped their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Truist Financial cut shares of Devon Energy from a “buy” rating to a “hold” rating and decreased their price objective for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Finally, Scotiabank dropped their target price 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. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $50.05.

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.