Summit Trail Advisors LLC Lowers Holdings in Devon Energy Co. (NYSE:DVN)

Summit Trail Advisors LLC cut its holdings in Devon Energy Co. (NYSE:DVN) by 43.6% during the third quarter, Holdings Channel reports. The firm owned 11,060 shares of the energy company’s stock after selling 8,565 shares during the quarter. Summit Trail Advisors LLC’s holdings in Devon Energy were worth $433,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in DVN. Jacobs Levy Equity Management Inc. purchased a new position in Devon Energy in the 1st quarter worth approximately $373,000. Tidal Investments LLC increased its stake in Devon Energy by 32.3% in the 1st quarter. Tidal Investments LLC now owns 112,100 shares of the energy company’s stock worth $5,596,000 after acquiring an additional 27,357 shares during the last quarter. Comerica Bank increased its stake in Devon Energy by 8.5% in the 1st quarter. Comerica Bank now owns 238,558 shares of the energy company’s stock worth $11,971,000 after acquiring an additional 18,784 shares during the last quarter. Montchanin Asset Management LLC bought a new stake in Devon Energy in the 1st quarter worth approximately $1,670,000. Finally, Citizens Financial Group Inc. RI increased its stake in Devon Energy by 2.6% in the 1st quarter. Citizens Financial Group Inc. RI now owns 9,480 shares of the energy company’s stock worth $476,000 after acquiring an additional 236 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of DVN stock opened at $37.71 on Wednesday. Devon Energy Co. has a twelve month low of $37.28 and a twelve month high of $55.09. The stock has a market capitalization of $24.77 billion, a price-to-earnings ratio of 7.00, a P/E/G ratio of 1.25 and a beta of 2.03. The stock has a fifty day simple moving average of $39.91 and a two-hundred day simple moving average of $43.81. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the business earned $1.65 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, analysts predict that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is 16.33%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Raymond James reduced their price objective on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Scotiabank cut their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Mizuho cut their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Finally, Evercore ISI cut their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $51.15.

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.