Federated Hermes Inc. Acquires 60,130 Shares of Devon Energy Co. (NYSE:DVN)

Federated Hermes Inc. boosted its holdings in Devon Energy Co. (NYSE:DVN) by 29.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 265,282 shares of the energy company’s stock after acquiring an additional 60,130 shares during the quarter. Federated Hermes Inc.’s holdings in Devon Energy were worth $12,574,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after acquiring an additional 2,559,039 shares in the last quarter. Raymond James & Associates raised its stake in Devon Energy by 1.5% during the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock valued at $435,311,000 after buying an additional 138,919 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Devon Energy by 3.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 4,699,410 shares of the energy company’s stock valued at $222,752,000 after buying an additional 169,923 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Devon Energy by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,680,448 shares of the energy company’s stock valued at $221,853,000 after buying an additional 18,443 shares during the last quarter. Finally, Schroder Investment Management Group raised its stake in Devon Energy by 6.1% during the 4th quarter. Schroder Investment Management Group now owns 2,836,108 shares of the energy company’s stock valued at $128,476,000 after buying an additional 162,327 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Truist Financial decreased their target price on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research note on Tuesday, July 9th. Bank of America reiterated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. 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. JPMorgan Chase & Co. decreased their target price on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Finally, BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.63.

Devon Energy Trading Up 0.5 %

DVN stock opened at $39.64 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. Devon Energy Co. has a 1-year low of $39.02 and a 1-year high of $55.09. The business has a 50 day simple moving average of $44.50 and a two-hundred day simple moving average of $47.42. The company has a market capitalization of $25.05 billion, a price-to-earnings ratio of 7.56, a PEG ratio of 1.13 and a beta of 2.03.

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 firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.18 earnings per share. Research analysts anticipate that Devon Energy Co. will post 5.36 EPS for the current fiscal 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 issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.22%. Devon Energy’s dividend payout ratio (DPR) is 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.