GAMMA Investing LLC Decreases Stake in Devon Energy Co. (NYSE:DVN)

GAMMA Investing LLC cut its position in Devon Energy Co. (NYSE:DVN) by 11.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,375 shares of the energy company’s stock after selling 1,893 shares during the period. GAMMA Investing LLC’s holdings in Devon Energy were worth $562,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Czech National Bank raised its stake in Devon Energy by 5.9% in the third quarter. Czech National Bank now owns 127,563 shares of the energy company’s stock valued at $4,990,000 after buying an additional 7,129 shares in the last quarter. Cullen Investment Group LTD. increased its holdings in shares of Devon Energy by 14.0% in the 3rd quarter. Cullen Investment Group LTD. now owns 123,905 shares of the energy company’s stock valued at $4,847,000 after acquiring an additional 15,191 shares during the last quarter. Collective Family Office LLC raised its position in shares of Devon Energy by 47.7% during the 3rd quarter. Collective Family Office LLC now owns 6,305 shares of the energy company’s stock worth $247,000 after acquiring an additional 2,035 shares in the last quarter. Rockland Trust Co. lifted its stake in Devon Energy by 17.9% during the third quarter. Rockland Trust Co. now owns 5,530 shares of the energy company’s stock worth $216,000 after purchasing an additional 840 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its holdings in Devon Energy by 13.1% in the third quarter. Massmutual Trust Co. FSB ADV now owns 3,497 shares of the energy company’s stock valued at $137,000 after purchasing an additional 406 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of DVN opened at $41.67 on Wednesday. The stock has a market capitalization of $26.34 billion, a P/E ratio of 7.95, 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 Co. has a 1 year low of $37.76 and a 1 year high of $55.09. The company’s fifty day moving average is $42.51 and its two-hundred day moving average is $46.72.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business’s revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.18 earnings per share. On average, sell-side analysts predict that Devon Energy Co. will post 5.11 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.11%. Devon Energy’s dividend payout ratio is currently 16.79%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Bank of America reiterated a “buy” rating and set a $64.00 price target on shares of Devon Energy in a research note on Friday, June 14th. Truist Financial decreased their price objective on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Piper Sandler cut their target price on Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Finally, Evercore ISI decreased their target price on 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. Eight analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.79.

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.