Kovack Advisors Inc. Has $619,000 Holdings in Devon Energy Co. (NYSE:DVN)

Kovack Advisors Inc. trimmed its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 68.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,813 shares of the energy company's stock after selling 35,070 shares during the quarter. Kovack Advisors Inc.'s holdings in Devon Energy were worth $619,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC bought a new stake in Devon Energy in the second quarter worth $27,000. 1620 Investment Advisors Inc. acquired a new position in Devon Energy during the 2nd quarter worth $34,000. PSI Advisors LLC boosted its holdings in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company's stock valued at $36,000 after acquiring an additional 300 shares during the period. LRI Investments LLC acquired a new stake in shares of Devon Energy in the first quarter valued at about $39,000. Finally, Capital Performance Advisors LLP bought a new position in shares of Devon Energy in the third quarter worth about $35,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Down 2.3 %

Shares of Devon Energy stock traded down $0.91 on Friday, reaching $38.47. 2,836,815 shares of the company were exchanged, compared to its average volume of 7,414,609. The company has a market capitalization of $25.27 billion, a price-to-earnings ratio of 7.24, a PEG ratio of 1.22 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. 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 moving average of $40.15 and a 200 day moving average of $44.52.

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

Devon Energy Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on DVN. BMO Capital Markets dropped their price objective 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. Wolfe Research began coverage on Devon Energy in a report on Thursday, July 18th. They issued a "peer perform" rating for the company. Truist Financial lowered Devon Energy from a "buy" rating to a "hold" rating and decreased their price target for the company from $49.00 to $43.00 in a research note on Thursday, November 7th. UBS Group lowered their price target on Devon Energy from $53.00 to $47.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 18th. Finally, Jefferies Financial Group started coverage on shares of Devon Energy in a report on Thursday, October 3rd. They set a "hold" rating and a $45.00 price objective for the company. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, 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.