Hodges Capital Management Inc. Sells 1,196 Shares of Devon Energy Co. (NYSE:DVN)

Hodges Capital Management Inc. reduced its stake in Devon Energy Co. (NYSE:DVN) by 6.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,247 shares of the energy company’s stock after selling 1,196 shares during the quarter. Hodges Capital Management Inc.’s holdings in Devon Energy were worth $818,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after buying an additional 1,488,374 shares during the last quarter. Canada Pension Plan Investment Board increased its position in shares of Devon Energy by 467.1% in the first quarter. Canada Pension Plan Investment Board now owns 719,672 shares of the energy company’s stock valued at $36,113,000 after acquiring an additional 592,765 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Devon Energy by 63.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,420,702 shares of the energy company’s stock valued at $71,291,000 after acquiring an additional 551,004 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Devon Energy during the first quarter worth about $27,418,000. 69.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Morgan Stanley boosted their price target on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Wells Fargo & Company decreased their price objective on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, August 14th. Bank of America reaffirmed a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Finally, JPMorgan Chase & Co. lifted their price target on Devon Energy from $62.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, July 8th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.63.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $42.24 on Thursday. The company has a market cap of $26.45 billion, a P/E ratio of 8.06, a PEG ratio of 1.26 and a beta of 2.07. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $45.61 and a two-hundred day moving average price of $47.59. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results 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. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.18 earnings per share. As a group, analysts anticipate that Devon Energy Co. will post 5.37 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.08%. Devon Energy’s payout ratio is presently 16.79%.

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.