Vista Investment Partners LLC Reduces Holdings in Devon Energy Co. (NYSE:DVN)

Vista Investment Partners LLC reduced its stake in Devon Energy Co. (NYSE:DVN) by 36.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,057 shares of the energy company’s stock after selling 5,804 shares during the quarter. Vista Investment Partners LLC’s holdings in Devon Energy were worth $393,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Riversedge Advisors LLC raised its holdings in shares of Devon Energy by 3.6% in the third quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock worth $287,000 after buying an additional 253 shares during the last quarter. Cornerstone Wealth Management LLC increased its position in shares of Devon Energy by 13.7% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 20,916 shares of the energy company’s stock valued at $818,000 after acquiring an additional 2,524 shares during the period. Culbertson A N & Co. Inc. purchased a new position in Devon Energy in the 3rd quarter worth $935,000. SPC Financial Inc. lifted its position in Devon Energy by 11.6% during the 3rd quarter. SPC Financial Inc. now owns 15,188 shares of the energy company’s stock worth $594,000 after acquiring an additional 1,573 shares during the period. Finally, Sumitomo Life Insurance Co. grew its stake in Devon Energy by 4.3% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 17,497 shares of the energy company’s stock valued at $684,000 after purchasing an additional 727 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Devon Energy stock opened at $40.57 on Friday. 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 company’s fifty day moving average price is $42.24 and its 200 day moving average price is $46.39. The stock has a market capitalization of $25.64 billion, a P/E ratio of 7.74, a P/E/G ratio of 1.27 and a beta of 2.02. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the prior year, the firm earned $1.18 EPS. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, equities research analysts anticipate that Devon Energy Co. will post 5.01 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio is presently 16.79%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on DVN shares. Morgan Stanley reduced their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Wells Fargo & Company reduced their price target on shares of Devon Energy from $55.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. Mizuho dropped their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. Barclays reduced their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Finally, Susquehanna lowered their price target on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.58.

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.