Hudson Valley Investment Advisors Inc. ADV Raises Position in Devon Energy Co. (NYSE:DVN)

Hudson Valley Investment Advisors Inc. ADV lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 20.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,600 shares of the energy company’s stock after purchasing an additional 1,137 shares during the period. Hudson Valley Investment Advisors Inc. ADV’s holdings in Devon Energy were worth $216,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new stake in shares of Devon Energy during the 3rd quarter worth approximately $35,000. Future Financial Wealth Managment LLC bought a new position in Devon Energy in the 3rd quarter worth approximately $39,000. True Wealth Design LLC boosted its holdings in Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after buying an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. boosted its holdings in Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after buying an additional 290 shares during the period. Finally, Activest Wealth Management boosted its holdings in Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after buying an additional 480 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on DVN shares. Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and cut their price objective for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. Piper Sandler cut their price objective on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Wells Fargo & Company cut their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Jefferies Financial Group assumed coverage on shares of Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price target for the company. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 price target on shares of Devon Energy in a report on Friday. Eleven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.48.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $36.10 on Friday. The stock has a market cap of $23.71 billion, a PE ratio of 6.70, a PEG ratio of 1.07 and a beta of 1.99. The company’s fifty day moving average is $35.67 and its 200 day moving average is $40.73. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.65 EPS. Research analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s payout ratio is presently 16.33%.

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.