Thoroughbred Financial Services LLC Sells 900 Shares of Devon Energy Co. (NYSE:DVN)

Thoroughbred Financial Services LLC lessened its position in shares of Devon Energy Co. (NYSE:DVN) by 16.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,660 shares of the energy company’s stock after selling 900 shares during the period. Thoroughbred Financial Services LLC’s holdings in Devon Energy were worth $220,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Triad Wealth Partners LLC bought a new position in shares of Devon Energy in the 2nd quarter valued at about $27,000. Tradewinds Capital Management LLC bought a new position in shares of Devon Energy in the 1st quarter valued at about $30,000. Jones Financial Companies Lllp grew its holdings in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after acquiring an additional 374 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in shares of Devon Energy in the 2nd quarter valued at about $34,000. Finally, PSI Advisors LLC grew its holdings in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on DVN. Morgan Stanley decreased their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday. Wolfe Research initiated coverage on shares of Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Scotiabank cut their target price on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Wells Fargo & Company cut their target price on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Finally, Truist Financial cut 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. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $57.63.

Devon Energy Stock Up 2.1 %

Shares of DVN opened at $40.47 on Wednesday. Devon Energy Co. has a 12 month low of $39.02 and a 12 month high of $55.09. The firm’s 50 day moving average is $44.50 and its 200-day moving average is $47.42. The stock has a market capitalization of $25.58 billion, a PE ratio of 7.72, a P/E/G ratio of 1.13 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last announced its 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. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same period last year, the firm earned $1.18 earnings per share. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. Equities research analysts forecast that Devon Energy Co. will post 5.36 EPS for the current year.

Devon Energy Dividend Announcement

The firm 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 dividend of $0.22 per share. The ex-dividend date is Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.17%. Devon Energy’s dividend 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.