Westpac Banking Corp Reduces Holdings in Devon Energy Corporation $DVN

Westpac Banking Corp trimmed its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 90.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,254 shares of the energy company’s stock after selling 21,872 shares during the quarter. Westpac Banking Corp’s holdings in Devon Energy were worth $72,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Opal Wealth Advisors LLC purchased a new position in shares of Devon Energy during the 2nd quarter worth $25,000. Banque Cantonale Vaudoise purchased a new stake in shares of Devon Energy in the 1st quarter worth $26,000. Trust Co. of Vermont raised its holdings in Devon Energy by 241.3% in the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock worth $30,000 after purchasing an additional 666 shares during the period. FNY Investment Advisers LLC bought a new position in Devon Energy in the 2nd quarter worth $34,000. Finally, SouthState Corp lifted its position in Devon Energy by 350.5% during the first quarter. SouthState Corp now owns 991 shares of the energy company’s stock valued at $37,000 after purchasing an additional 771 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Morgan Stanley reduced their price target on Devon Energy from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Tuesday, October 14th. Mizuho cut their price objective on Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. Weiss Ratings restated a “sell (d+)” rating on shares of Devon Energy in a research note on Thursday. William Blair began coverage on shares of Devon Energy in a report on Monday, August 25th. They set an “outperform” rating on the stock. Finally, UBS Group upped their price target on shares of Devon Energy from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $43.86.

Devon Energy Trading Down 2.0%

DVN stock opened at $35.12 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $39.65. The business has a 50 day simple moving average of $33.93 and a two-hundred day simple moving average of $33.43. The company has a market capitalization of $22.03 billion, a price-to-earnings ratio of 7.88, a PEG ratio of 2.49 and a beta of 1.01.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The firm had revenue of $0.00 million during the quarter, compared to analyst estimates of $4.10 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. During the same quarter in the prior year, the business earned $1.10 earnings per share. Research analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, December 15th. Devon Energy’s dividend payout ratio is 22.59%.

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.