Accurate Wealth Management LLC Raises Position in Devon Energy Co. (NYSE:DVN)

Accurate Wealth Management LLC grew its position in Devon Energy Co. (NYSE:DVN) by 4.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,945 shares of the energy company’s stock after purchasing an additional 1,294 shares during the quarter. Accurate Wealth Management LLC’s holdings in Devon Energy were worth $1,357,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Salem Investment Counselors Inc. boosted its holdings in shares of Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares in the last quarter. Retirement Group LLC boosted its holdings in shares of Devon Energy by 21.8% in the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after acquiring an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after acquiring an additional 209 shares in the last quarter. MCF Advisors LLC boosted its holdings in shares of Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after acquiring an additional 215 shares in the last quarter. Finally, Annex Advisory Services LLC boosted its holdings in shares of Devon Energy by 0.8% in the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after acquiring an additional 223 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on DVN shares. Wells Fargo & Company reissued a “sector outperform” rating on shares of Devon Energy in a report on Friday. BMO Capital Markets decreased their price objective on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Truist Financial decreased their price objective on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Finally, JPMorgan Chase & Co. cut their target price on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Nine research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $52.53.

Devon Energy Price Performance

DVN opened at $40.66 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The company has a 50 day moving average of $42.15 and a two-hundred day moving average of $46.32. The company has a market cap of $25.70 billion, a P/E ratio of 7.76, a P/E/G ratio of 1.27 and a beta of 2.02.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same period in the previous year, the firm earned $1.18 earnings per share. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, analysts expect that Devon Energy Co. will post 5.01 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s payout ratio is 16.79%.

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.