Raymond James & Associates Increases Stock Position in Devon Energy Co. (NYSE:DVN)

Raymond James & Associates boosted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 1.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 9,183,778 shares of the energy company’s stock after purchasing an additional 138,919 shares during the period. Raymond James & Associates owned approximately 1.45% of Devon Energy worth $435,311,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. NewEdge Wealth LLC purchased a new stake in Devon Energy during the 4th quarter valued at approximately $331,000. Louisiana State Employees Retirement System purchased a new stake in shares of Devon Energy in the fourth quarter valued at about $1,753,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Devon Energy by 6.9% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,825,364 shares of the energy company’s stock worth $82,689,000 after acquiring an additional 118,346 shares during the period. Avior Wealth Management LLC raised its holdings in Devon Energy by 50.5% during the fourth quarter. Avior Wealth Management LLC now owns 6,629 shares of the energy company’s stock worth $300,000 after purchasing an additional 2,223 shares in the last quarter. Finally, Rakuten Securities Inc. acquired a new stake in Devon Energy in the fourth quarter valued at about $74,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Morgan Stanley increased their price objective on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Wolfe Research started coverage on shares of Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Truist Financial reduced their price target on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. Wells Fargo & Company lowered their price target on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Scotiabank reduced their price objective on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Five investment 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. According to data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $58.75.

Devon Energy Stock Down 0.8 %

Devon Energy stock traded down $0.35 during midday trading on Friday, hitting $45.09. 4,917,934 shares of the stock were exchanged, compared to its average volume of 7,234,730. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The company has a 50 day moving average price of $46.16 and a two-hundred day moving average price of $47.37. The firm has a market cap of $28.50 billion, a P/E ratio of 8.60, a P/E/G 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 results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.18 earnings per share. On average, sell-side analysts predict that Devon Energy Co. will post 5.4 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.95%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) 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.