Devon Energy Co. (NYSE:DVN) Stock Holdings Raised by Lummis Asset Management LP

Lummis Asset Management LP raised its stake in Devon Energy Co. (NYSE:DVN) by 2.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 30,736 shares of the energy company’s stock after purchasing an additional 681 shares during the period. Devon Energy accounts for approximately 1.4% of Lummis Asset Management LP’s holdings, making the stock its 22nd biggest holding. Lummis Asset Management LP’s holdings in Devon Energy were worth $1,202,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of DVN. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy during the 2nd quarter valued at about $27,000. 1620 Investment Advisors Inc. bought a new stake in shares of Devon Energy during the 2nd quarter valued at about $34,000. PSI Advisors LLC grew its position in shares of 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 during the last quarter. LRI Investments LLC bought a new stake in shares of Devon Energy during the 1st quarter valued at about $39,000. Finally, Capital Performance Advisors LLP bought a new stake in shares of Devon Energy during the 3rd quarter valued at about $35,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of Devon Energy stock traded up $0.35 on Thursday, hitting $39.46. The stock had a trading volume of 329,911 shares, compared to its average volume of 7,413,125. The company’s 50 day moving average price is $40.20 and its 200 day moving average price is $44.55. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a market cap of $25.92 billion, a price-to-earnings ratio of 7.25, a P/E/G ratio of 1.19 and a beta of 2.03. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.65 EPS. On average, research analysts anticipate that Devon Energy Co. will post 4.86 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Wall Street Analysts Forecast Growth

DVN has been the subject of several recent analyst reports. Wells Fargo & Company decreased their target price on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. TD Cowen dropped their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Wolfe Research initiated coverage on shares of Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. BMO Capital Markets reduced their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Finally, Mizuho dropped their price target on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Hold” and a consensus target price of $51.80.

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.