IMS Capital Management Purchases 6,165 Shares of Devon Energy Co. (NYSE:DVN)

IMS Capital Management lifted its position in shares of Devon Energy Co. (NYSE:DVN) by 49.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,660 shares of the energy company’s stock after buying an additional 6,165 shares during the quarter. IMS Capital Management’s holdings in Devon Energy were worth $730,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in DVN. 1620 Investment Advisors Inc. purchased a new position in Devon Energy during the second quarter valued at approximately $34,000. Capital Performance Advisors LLP bought a new position in shares of Devon Energy in the 3rd quarter worth $35,000. PSI Advisors LLC boosted its position in 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 purchasing an additional 300 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in Devon Energy in the third quarter valued at about $39,000. Finally, True Wealth Design LLC grew its stake in Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 1.3 %

Shares of NYSE:DVN opened at $32.16 on Wednesday. The business’s 50 day moving average price is $38.35 and its 200-day moving average price is $42.32. Devon Energy Co. has a 1 year low of $31.85 and a 1 year high of $55.09. The firm has a market capitalization of $21.13 billion, a price-to-earnings ratio of 5.97, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.65 earnings per share. On average, equities research analysts forecast that Devon Energy Co. will post 4.79 earnings per share 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. Stockholders of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.74%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on DVN shares. Citigroup lowered their price target on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Mizuho cut their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday. Scotiabank decreased their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research note on Thursday, December 5th. Finally, Piper Sandler decreased their price target on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $50.05.

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.