Newbridge Financial Services Group Inc. Decreases Holdings in Devon Energy Co. (NYSE:DVN)

Newbridge Financial Services Group Inc. lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 37.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,663 shares of the energy company’s stock after selling 5,666 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Devon Energy were worth $458,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Salem Investment Counselors Inc. boosted its stake 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 worth $42,000 after acquiring an additional 199 shares during the last quarter. Retirement Group LLC raised its holdings in Devon Energy by 21.8% in the 1st 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 during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in Devon Energy by 7.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after purchasing an additional 209 shares in the last quarter. MCF Advisors LLC boosted its holdings in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares during the last quarter. Finally, Annex Advisory Services LLC grew its position 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 purchasing an additional 223 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Up 1.7 %

Devon Energy stock opened at $39.77 on Wednesday. The stock’s fifty day simple moving average is $42.93 and its 200-day simple moving average is $46.95. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $25.13 billion, a P/E ratio of 7.59, a P/E/G ratio of 1.22 and a beta of 2.03. Devon Energy Co. has a twelve month low of $37.76 and a twelve month 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, beating 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 firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter last year, the company earned $1.18 earnings per share. The firm’s revenue was up 13.4% compared to the same quarter last year. As a group, equities analysts expect that Devon Energy Co. will post 5.11 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.21%. Devon Energy’s payout ratio is currently 16.79%.

Analysts Set New Price Targets

DVN has been the topic of a number of analyst reports. Piper Sandler reduced their price objective 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. Morgan Stanley cut their price objective 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. Susquehanna decreased their target price on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Sanford C. Bernstein decreased their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. Finally, StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Seven equities research 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $55.41.

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.