Valley National Advisers Inc. Trims Holdings in Devon Energy Corporation $DVN

Valley National Advisers Inc. cut its position in shares of Devon Energy Corporation (NYSE:DVN) by 95.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,370 shares of the energy company’s stock after selling 46,500 shares during the quarter. Valley National Advisers Inc.’s holdings in Devon Energy were worth $83,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Opal Wealth Advisors LLC purchased a new stake in Devon Energy in the 2nd quarter worth approximately $25,000. Caldwell Trust Co acquired a new stake in shares of Devon Energy during the second quarter worth $25,000. PFS Partners LLC purchased a new stake in shares of Devon Energy in the third quarter valued at $25,000. Trust Co. of Vermont increased its stake in Devon Energy by 241.3% in the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock valued at $30,000 after purchasing an additional 666 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new position in Devon Energy in the second quarter valued at $34,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on DVN shares. Argus raised Devon Energy to a “strong-buy” rating in a research note on Wednesday, November 26th. The Goldman Sachs Group raised their target price on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, November 13th. Mizuho upped their price target on shares of Devon Energy from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Johnson Rice cut their price target on shares of Devon Energy from $70.00 to $62.00 and set a “buy” rating on the stock in a research note on Friday, December 5th. Finally, Siebert Williams Shank decreased their price target on shares of Devon Energy from $52.00 to $46.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $44.86.

Devon Energy Trading Down 1.4%

Shares of DVN stock opened at $35.70 on Monday. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $38.88. The firm’s 50 day moving average price is $35.19 and its two-hundred day moving average price is $34.37. The stock has a market cap of $22.39 billion, a price-to-earnings ratio of 8.40, a price-to-earnings-growth ratio of 2.71 and a beta of 0.62. The company has a quick ratio of 0.87, a current ratio of 0.96 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. The business had revenue of $0.00 million for the quarter, compared to the consensus estimate of $4.10 billion. During the same quarter last year, the firm posted $1.10 EPS. On average, analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be given a $0.24 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. Devon Energy’s dividend payout ratio is presently 22.59%.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.