Bernzott Capital Advisors Sells 3,195 Shares of Devon Energy Co. (NYSE:DVN)

Bernzott Capital Advisors lessened its holdings in shares of Devon Energy Co. (NYSE:DVN) by 2.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 131,932 shares of the energy company’s stock after selling 3,195 shares during the quarter. Bernzott Capital Advisors’ holdings in Devon Energy were worth $5,161,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Triad Wealth Partners LLC purchased a new position in Devon Energy during the 2nd quarter valued at approximately $27,000. Tradewinds Capital Management LLC purchased a new position in Devon Energy during the 1st quarter valued at approximately $30,000. 1620 Investment Advisors Inc. purchased a new position in Devon Energy during the 2nd quarter valued at approximately $34,000. PSI Advisors LLC grew its holdings in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares in the last quarter. Finally, LRI Investments LLC purchased a new position in Devon Energy during the 1st quarter valued at approximately $39,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on DVN shares. Benchmark reiterated a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Jefferies Financial Group initiated coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price on the stock. Morgan Stanley dropped their price objective 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. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. Finally, Piper Sandler dropped their price objective on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 15th. Nine 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, the stock has an average rating of “Moderate Buy” and an average price target of $52.53.

Devon Energy Stock Performance

Shares of Devon Energy stock traded down $0.42 during trading on Tuesday, hitting $38.17. 2,297,938 shares of the company’s stock were exchanged, compared to its average volume of 7,318,334. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The business has a 50-day simple moving average of $41.49 and a 200-day simple moving average of $45.64. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The stock has a market capitalization of $23.90 billion, a price-to-earnings ratio of 7.00, a PEG ratio of 1.22 and a beta of 2.02.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.18 earnings per share. On average, research analysts forecast that Devon Energy Co. will post 4.98 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.22 per share. The ex-dividend date was Friday, September 13th. This represents a $0.88 annualized dividend and a yield of 2.31%. Devon Energy’s dividend payout ratio is presently 15.97%.

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.