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

Sugarloaf Wealth Management LLC raised its stake in Devon Energy Co. (NYSE:DVN) by 56.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,069 shares of the energy company’s stock after buying an additional 2,181 shares during the period. Sugarloaf Wealth Management LLC’s holdings in Devon Energy were worth $237,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC purchased a new stake in Devon Energy in the 2nd quarter valued at about $27,000. Tradewinds Capital Management LLC purchased a new stake in shares of Devon Energy in the 1st quarter worth approximately $30,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Devon Energy in the 2nd quarter worth approximately $34,000. PSI Advisors LLC lifted its position in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares during the period. Finally, LRI Investments LLC purchased a new stake in shares of Devon Energy in the 1st quarter worth approximately $39,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on DVN shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. Evercore ISI lowered their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Scotiabank lowered their price target on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Morgan Stanley lowered their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Finally, Sanford C. Bernstein reduced their price objective on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Eight research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $53.79.

Devon Energy Stock Performance

NYSE DVN traded down $1.23 during mid-day trading on Tuesday, reaching $41.38. 2,519,510 shares of the stock were exchanged, compared to its average volume of 7,272,335. The business’s 50 day moving average is $42.60 and its 200-day moving average is $46.77. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09. The company has a market capitalization of $26.15 billion, a P/E ratio of 8.13, a P/E/G ratio of 1.22 and a beta of 2.02. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company’s revenue was up 13.4% compared to the same quarter last year. During the same period last year, the firm posted $1.18 earnings per share. On average, equities research analysts forecast that Devon Energy Co. will post 5.11 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s payout ratio is currently 16.79%.

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.