abrdn plc Has $10.33 Million Stock Position in Devon Energy Co. (NYSE:DVN)

abrdn plc lessened its stake in Devon Energy Co. (NYSE:DVN) by 13.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 264,239 shares of the energy company’s stock after selling 39,924 shares during the quarter. abrdn plc’s holdings in Devon Energy were worth $10,330,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in DVN. State of Alaska Department of Revenue raised its stake in shares of Devon Energy by 0.5% in the 1st quarter. State of Alaska Department of Revenue now owns 69,520 shares of the energy company’s stock valued at $3,488,000 after purchasing an additional 330 shares during the period. Norden Group LLC bought a new position in shares of Devon Energy during the first quarter worth about $1,330,000. First Trust Direct Indexing L.P. grew its holdings in shares of Devon Energy by 5.2% during the first quarter. First Trust Direct Indexing L.P. now owns 17,207 shares of the energy company’s stock worth $863,000 after buying an additional 857 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Devon Energy by 21.7% during the first quarter. Van ECK Associates Corp now owns 113,711 shares of the energy company’s stock worth $5,706,000 after buying an additional 20,254 shares in the last quarter. Finally, Diversify Advisory Services LLC bought a new position in shares of Devon Energy during the first quarter worth about $246,000. Institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

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 set a “peer perform” rating for the company. Morgan Stanley decreased their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Mizuho decreased their price objective on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Finally, Scotiabank decreased their price target 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. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average price target of $52.53.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $38.32 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 12 month low of $37.76 and a 12 month high of $55.09. The stock has a 50 day moving average of $41.04 and a 200-day moving average of $45.33. The company has a market capitalization of $24.00 billion, a P/E ratio of 6.95, a P/E/G ratio of 1.18 and a beta of 2.02.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.18 EPS. As a group, equities research analysts predict that Devon Energy Co. will post 4.93 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, September 13th. This represents a $0.88 annualized dividend and a yield of 2.30%. Devon Energy’s payout ratio is currently 15.97%.

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.