Moors & Cabot Inc. Sells 2,694 Shares of Devon Energy Co. (NYSE:DVN)

Moors & Cabot Inc. lessened its holdings in Devon Energy Co. (NYSE:DVN) by 8.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,152 shares of the energy company’s stock after selling 2,694 shares during the period. Moors & Cabot Inc.’s holdings in Devon Energy were worth $1,477,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Brown Advisory Inc. increased its position in Devon Energy by 43.0% during the 4th quarter. Brown Advisory Inc. now owns 11,889 shares of the energy company’s stock worth $539,000 after purchasing an additional 3,573 shares in the last quarter. TrinityPoint Wealth LLC acquired a new position in shares of Devon Energy during the fourth quarter worth $2,068,000. Hillsdale Investment Management Inc. bought a new position in shares of Devon Energy in the 4th quarter valued at $442,000. Gladstone Institutional Advisory LLC boosted its holdings in shares of Devon Energy by 21.2% during the 4th quarter. Gladstone Institutional Advisory LLC now owns 8,833 shares of the energy company’s stock valued at $400,000 after acquiring an additional 1,545 shares in the last quarter. Finally, Thoroughbred Financial Services LLC grew its position in Devon Energy by 30.9% during the 4th quarter. Thoroughbred Financial Services LLC now owns 25,648 shares of the energy company’s stock worth $1,161,000 after acquiring an additional 6,054 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of recent research reports. StockNews.com lowered Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Piper Sandler cut their target price 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. Bank of America restated a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a research report on Friday, June 14th. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Finally, Wolfe Research assumed coverage on shares of Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.63.

Devon Energy Stock Up 2.1 %

Shares of NYSE DVN opened at $40.47 on Wednesday. The firm has a fifty day simple moving average of $44.50 and a two-hundred day simple moving average of $47.42. Devon Energy Co. has a 12 month low of $39.02 and a 12 month high of $55.09. 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 firm has a market capitalization of $25.58 billion, a PE ratio of 7.72, a price-to-earnings-growth ratio of 1.13 and a beta of 2.03.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) 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 quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.18 earnings per share. Equities analysts expect that Devon Energy Co. will post 5.36 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Friday, September 13th. Devon Energy’s payout ratio is 16.79%.

Devon Energy Company 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.