Devon Energy Co. (NYSE:DVN) Shares Bought by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC raised its position in shares of Devon Energy Co. (NYSE:DVN) by 49.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 47,904 shares of the energy company’s stock after purchasing an additional 15,891 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in Devon Energy were worth $1,874,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of DVN. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy during the third quarter worth $461,857,000. EnCap Partners GP LLC acquired a new stake in Devon Energy during the 3rd quarter worth about $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in shares of Devon Energy during the 3rd quarter valued at about $230,928,000. International Assets Investment Management LLC lifted its holdings in shares of Devon Energy by 4,125.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after buying an additional 2,226,983 shares during the period. Finally, Pacer Advisors Inc. boosted 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 worth $453,446,000 after buying an additional 1,677,652 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on DVN shares. Raymond James decreased their price target on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Benchmark reiterated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. StockNews.com lowered shares of Devon Energy from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $49.00 to $43.00 in a research report on Thursday, November 7th. Finally, Scotiabank dropped their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $50.75.

Devon Energy Stock Down 2.2 %

Shares of DVN opened at $34.73 on Wednesday. The stock has a 50 day moving average price of $39.18 and a 200 day moving average price of $42.83. Devon Energy Co. has a one year low of $34.69 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The stock has a market capitalization of $22.81 billion, a price-to-earnings ratio of 6.44, a PEG ratio of 1.11 and a beta of 1.99.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’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 firm earned $1.65 earnings per share. Equities research analysts forecast that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, December 13th will be issued a $0.22 dividend. 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%.

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.