Huber Capital Management LLC Cuts Stake in Devon Energy Co. (NYSE:DVN)

Huber Capital Management LLC cut its position in Devon Energy Co. (NYSE:DVN) by 7.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 78,600 shares of the energy company’s stock after selling 6,300 shares during the period. Huber Capital Management LLC’s holdings in Devon Energy were worth $3,726,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Triad Wealth Partners LLC purchased a new position in Devon Energy in the 2nd quarter worth approximately $27,000. Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy in the first quarter worth $30,000. Jones Financial Companies Lllp raised its stake in shares of Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after purchasing an additional 374 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in shares of Devon Energy during the second quarter valued at $34,000. Finally, PSI Advisors LLC boosted its position in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

DVN opened at $40.78 on Friday. The company has a 50 day simple moving average of $44.06 and a two-hundred day simple moving average of $47.28. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The firm has a market cap of $25.77 billion, a P/E ratio of 7.78, a PEG ratio of 1.13 and a beta of 2.03. Devon Energy Co. has a 1-year low of $39.02 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion during 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%. Devon Energy’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.18 EPS. Equities analysts forecast that Devon Energy Co. will post 5.36 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.16%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Wall Street Analyst Weigh In

DVN has been the subject of a number of recent analyst reports. Bank of America reissued a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a research report on Friday, June 14th. Morgan Stanley decreased their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Wolfe Research started coverage on shares of Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Finally, Wells Fargo & Company lowered their price target on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.00.

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.