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

Beacon Capital Management LLC cut its stake in shares of Devon Energy Co. (NYSE:DVN) by 35.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 918 shares of the energy company’s stock after selling 499 shares during the period. Beacon Capital Management LLC’s holdings in Devon Energy were worth $43,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Federated Hermes Inc. boosted its holdings in shares of Devon Energy by 186.2% in the fourth quarter. Federated Hermes Inc. now owns 198,608 shares of the energy company’s stock worth $8,997,000 after buying an additional 129,207 shares during the last quarter. abrdn plc grew its position in shares of Devon Energy by 97.5% during the 4th quarter. abrdn plc now owns 312,685 shares of the energy company’s stock valued at $14,165,000 after acquiring an additional 154,351 shares during the period. OLD National Bancorp IN grew its position in shares of Devon Energy by 65.9% during the 4th quarter. OLD National Bancorp IN now owns 7,362 shares of the energy company’s stock valued at $333,000 after acquiring an additional 2,925 shares during the period. GAMMA Investing LLC purchased a new stake in shares of Devon Energy in the 4th quarter worth $330,000. Finally, South Dakota Investment Council raised its holdings in Devon Energy by 0.8% in the 4th quarter. South Dakota Investment Council now owns 84,318 shares of the energy company’s stock worth $3,820,000 after purchasing an additional 700 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Up 2.4 %

Shares of NYSE:DVN opened at $44.70 on Friday. The company has a market cap of $28.25 billion, a price-to-earnings ratio of 8.53, a PEG ratio of 0.75 and a beta of 2.07. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The company has a 50-day moving average price of $45.94 and a 200 day moving average price of $47.47.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the previous year, the business earned $1.18 EPS. The company’s quarterly revenue was up 13.4% on a year-over-year basis. As a group, equities research analysts predict that Devon Energy Co. will post 5.4 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.97%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio is currently 16.79%.

Analysts Set New Price Targets

A number of analysts have commented on DVN shares. Wells Fargo & Company reduced their price target on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, August 14th. StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Wolfe Research started coverage on shares of Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Morgan Stanley raised their price objective on shares of Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Finally, 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. 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. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $58.75.

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.