Cornercap Investment Counsel Inc. Has $1.30 Million Position in Devon Energy Co. (NYSE:DVN)

Cornercap Investment Counsel Inc. reduced its position in Devon Energy Co. (NYSE:DVN - Free Report) by 28.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 33,123 shares of the energy company's stock after selling 13,352 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Devon Energy were worth $1,296,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in DVN. CIBC Asset Management Inc increased its stake in Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company's stock valued at $4,193,000 after purchasing an additional 6,358 shares during the last quarter. Oak Harbor Wealth Partners LLC boosted its holdings in shares of Devon Energy by 8.6% in the 3rd quarter. Oak Harbor Wealth Partners LLC now owns 34,727 shares of the energy company's stock valued at $1,359,000 after purchasing an additional 2,742 shares during the last quarter. MeadowBrook Investment Advisors LLC increased its holdings in shares of Devon Energy by 25.3% during the 3rd quarter. MeadowBrook Investment Advisors LLC now owns 7,135 shares of the energy company's stock worth $279,000 after buying an additional 1,440 shares during the last quarter. Lummis Asset Management LP raised its position in shares of Devon Energy by 2.3% in the 3rd quarter. Lummis Asset Management LP now owns 30,736 shares of the energy company's stock worth $1,202,000 after buying an additional 681 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. boosted its holdings in Devon Energy by 7.3% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 21,609 shares of the energy company's stock valued at $845,000 after acquiring an additional 1,469 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Price Performance

DVN stock traded down $0.91 during trading on Friday, hitting $38.47. 6,302,838 shares of the stock traded hands, compared to its average volume of 7,430,222. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a market cap of $25.27 billion, a price-to-earnings ratio of 7.24, a P/E/G ratio of 1.22 and a beta of 2.03. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09. The company has a 50 day simple moving average of $40.15 and a 200 day simple moving average of $44.52.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm's quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.65 earnings per share. Equities analysts expect that Devon Energy Co. will post 4.84 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy's payout ratio is 16.33%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Evercore ISI decreased their target price on Devon Energy from $55.00 to $50.00 and set an "in-line" rating for the company in a research report on Monday, September 30th. Benchmark reiterated a "hold" rating on shares of Devon Energy in a research note on Tuesday, October 15th. Barclays decreased 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 research note on Thursday, October 3rd. Jefferies Financial Group assumed coverage on shares of Devon Energy in a report on Thursday, October 3rd. They issued a "hold" rating and a $45.00 price objective on the stock. Finally, UBS Group lowered their target price on Devon Energy from $53.00 to $47.00 and set a "neutral" rating for the company in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of "Hold" and an average price target of $51.80.

Devon Energy 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.