KG&L Capital Management LLC Reduces Stock Position in Devon Energy Co. (NYSE:DVN)

KG&L Capital Management LLC cut its position in Devon Energy Co. (NYSE:DVN) by 12.6% during the second quarter, Holdings Channel reports. The firm owned 8,916 shares of the energy company’s stock after selling 1,285 shares during the period. KG&L Capital Management LLC’s holdings in Devon Energy were worth $423,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently modified their holdings of the company. Daiwa Securities Group Inc. lifted its position in Devon Energy by 8.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 58,183 shares of the energy company’s stock valued at $2,636,000 after purchasing an additional 4,461 shares during the period. Federated Hermes Inc. raised its position in Devon Energy by 186.2% during the fourth quarter. Federated Hermes Inc. now owns 198,608 shares of the energy company’s stock valued at $8,997,000 after acquiring an additional 129,207 shares in the last quarter. Western Wealth Management LLC lifted its holdings in Devon Energy by 6.1% in the fourth quarter. Western Wealth Management LLC now owns 8,663 shares of the energy company’s stock valued at $392,000 after acquiring an additional 499 shares during the period. abrdn plc boosted its position in Devon Energy by 97.5% in the 4th quarter. abrdn plc now owns 312,685 shares of the energy company’s stock worth $14,165,000 after purchasing an additional 154,351 shares in the last quarter. Finally, Lindbrook Capital LLC grew its stake in shares of Devon Energy by 60.3% during the 4th quarter. Lindbrook Capital LLC now owns 3,072 shares of the energy company’s stock worth $139,000 after purchasing an additional 1,156 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DVN has been the topic of several analyst reports. Piper Sandler dropped their price target on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Morgan Stanley raised their target price on Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Sanford C. Bernstein reduced their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. JPMorgan Chase & Co. boosted their price objective on Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, July 8th. Finally, Wells Fargo & Company reduced their target price on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Five equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.75.

Devon Energy Trading Down 0.0 %

Shares of DVN traded down $0.02 during midday trading on Thursday, reaching $43.82. The company had a trading volume of 925,575 shares, compared to its average volume of 7,165,523. The firm has a 50 day simple moving average of $46.06 and a 200-day simple moving average of $47.45. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The stock has a market cap of $27.69 billion, a PE ratio of 8.36, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. Devon Energy’s revenue was up 13.4% compared to the same quarter last year. During the same period last year, the business earned $1.18 earnings per share. Research analysts forecast that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s payout ratio is presently 16.79%.

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.