Gilliland Jeter Wealth Management LLC Reduces Stock Position in Devon Energy Co. (NYSE:DVN)

Gilliland Jeter Wealth Management LLC trimmed its position in shares of Devon Energy Co. (NYSE:DVN) by 2.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,903 shares of the energy company’s stock after selling 746 shares during the period. Gilliland Jeter Wealth Management LLC’s holdings in Devon Energy were worth $1,092,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of DVN. Violich Capital Management Inc. lifted its holdings in Devon Energy by 4.2% in the 3rd quarter. Violich Capital Management Inc. now owns 68,185 shares of the energy company’s stock worth $2,667,000 after buying an additional 2,750 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Devon Energy by 14.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,192,819 shares of the energy company’s stock valued at $124,903,000 after purchasing an additional 397,507 shares in the last quarter. Nepsis Inc. increased its position in shares of Devon Energy by 10.5% during the third quarter. Nepsis Inc. now owns 486,781 shares of the energy company’s stock valued at $19,043,000 after buying an additional 46,216 shares during the period. OLD National Bancorp IN raised its stake in Devon Energy by 5.6% in the third quarter. OLD National Bancorp IN now owns 9,288 shares of the energy company’s stock worth $363,000 after buying an additional 491 shares in the last quarter. Finally, Resonant Capital Advisors LLC lifted its holdings in Devon Energy by 5.8% in the third quarter. Resonant Capital Advisors LLC now owns 50,169 shares of the energy company’s stock worth $1,963,000 after buying an additional 2,733 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

DVN opened at $40.66 on Monday. The firm has a market cap of $25.70 billion, a P/E ratio of 7.76, a PEG 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. The company has a 50 day simple moving average of $42.15 and a two-hundred day simple moving average of $46.28. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period last year, the firm earned $1.18 earnings per share. Equities analysts forecast that Devon Energy Co. will post 5.01 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.16%. Devon Energy’s dividend payout ratio is presently 16.79%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Scotiabank lowered their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. BMO Capital Markets decreased their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Mizuho cut their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Morgan Stanley dropped their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Finally, Piper Sandler reduced their price objective on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $52.53.

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.