Altus Wealth Group LLC Acquires 3,443 Shares of Devon Energy Co. (NYSE:DVN)

Altus Wealth Group LLC lifted its position in shares of Devon Energy Co. (NYSE:DVN) by 38.3% during the third quarter, Holdings Channel reports. The institutional investor owned 12,441 shares of the energy company’s stock after purchasing an additional 3,443 shares during the period. Altus Wealth Group LLC’s holdings in Devon Energy were worth $487,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after purchasing an additional 2,559,039 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of Devon Energy by 16.8% during the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after buying an additional 1,428,776 shares in the last quarter. Raymond James & Associates grew its holdings in Devon Energy by 1.5% during the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock valued at $435,311,000 after purchasing an additional 138,919 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after acquiring an additional 1,255,543 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in Devon Energy by 15.9% in the 2nd quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock worth $241,456,000 after acquiring an additional 699,743 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE DVN traded down $0.49 during trading on Wednesday, hitting $39.68. The company had a trading volume of 1,129,388 shares, compared to its average volume of 7,311,254. The stock has a fifty day simple moving average of $41.96 and a two-hundred day simple moving average of $46.05. Devon Energy Co. has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The firm has a market capitalization of $25.08 billion, a price-to-earnings ratio of 7.67, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) 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 business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter last year, the business earned $1.18 earnings per share. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. On average, research analysts expect that Devon Energy Co. will post 5.01 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.22%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio is currently 16.79%.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research analyst reports. Wells Fargo & Company restated a “sector outperform” rating on shares of Devon Energy in a research note on Friday, October 18th. Morgan Stanley dropped their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. JPMorgan Chase & Co. dropped their target price on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Finally, BMO Capital Markets lowered their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.53.

About Devon Energy

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.