Armstrong Advisory Group Inc. Lowers Stock Holdings in Devon Energy Co. (NYSE:DVN)

Armstrong Advisory Group Inc. reduced its position in shares of Devon Energy Co. (NYSE:DVN) by 11.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,479 shares of the energy company’s stock after selling 706 shares during the period. Armstrong Advisory Group Inc.’s holdings in Devon Energy were worth $214,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after buying an additional 2,559,039 shares during the period. Pacer Advisors Inc. boosted its position in shares of Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after buying an additional 1,428,776 shares during the period. Raymond James & Associates boosted its holdings in Devon Energy by 1.5% in the second 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 period. Dimensional Fund Advisors LP boosted its holdings in Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after purchasing an additional 1,255,543 shares during the period. Finally, Thrivent Financial for Lutherans boosted its holdings in Devon Energy by 15.9% in the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock valued at $241,456,000 after purchasing an additional 699,743 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of DVN stock opened at $42.96 on Monday. The stock has a market capitalization of $27.15 billion, a PE ratio of 8.20, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The stock’s 50-day moving average price is $42.37 and its 200 day moving average price is $46.58. 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 released 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. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the previous year, the firm posted $1.18 EPS. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. As a group, equities research analysts forecast that Devon Energy Co. will post 5.01 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s payout ratio is 16.79%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Wolfe Research assumed coverage on Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Barclays decreased their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. BMO Capital Markets decreased their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Finally, Morgan Stanley decreased their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Eight investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.63.

Devon Energy Company 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.