Farther Finance Advisors LLC Acquires 8,785 Shares of Devon Energy Co. (NYSE:DVN)

Farther Finance Advisors LLC lifted its stake in Devon Energy Co. (NYSE:DVN) by 41.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,125 shares of the energy company’s stock after purchasing an additional 8,785 shares during the period. Farther Finance Advisors LLC’s holdings in Devon Energy were worth $1,438,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Salem Investment Counselors Inc. boosted its position in shares of Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after purchasing an additional 199 shares during the period. Retirement Group LLC boosted its holdings in Devon Energy by 21.8% in the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after buying an additional 199 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in Devon Energy by 7.4% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after acquiring an additional 209 shares during the period. MCF Advisors LLC lifted its position in shares of Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after acquiring an additional 215 shares in the last quarter. Finally, Annex Advisory Services LLC boosted its stake in shares of Devon Energy by 0.8% in the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after acquiring an additional 223 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Mizuho lifted their target price on Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Piper Sandler lowered their target price on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Sanford C. Bernstein cut their target price on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, Susquehanna restated a “positive” rating and set a $65.00 price objective on shares of Devon Energy in a research report on Tuesday, July 9th. Five analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $58.75.

Devon Energy Trading Down 0.5 %

DVN stock traded down $0.22 during mid-day trading on Friday, reaching $44.78. 5,832,476 shares of the stock traded hands, compared to its average volume of 6,492,747. The business has a 50-day moving average price of $45.85 and a two-hundred day moving average price of $47.58. The stock has a market capitalization of $28.04 billion, a PE ratio of 8.55, a PEG ratio of 1.26 and a beta of 2.07. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period in the prior year, the company posted $1.18 EPS. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. Equities research analysts expect that Devon Energy Co. will post 5.37 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s payout ratio is currently 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.