King Luther Capital Management Corp Cuts Position in Devon Energy Co. (NYSE:DVN)

King Luther Capital Management Corp decreased its holdings in Devon Energy Co. (NYSE:DVN) by 9.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,207,543 shares of the energy company’s stock after selling 119,569 shares during the quarter. King Luther Capital Management Corp owned about 0.19% of Devon Energy worth $57,238,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. Benjamin F. Edwards & Company Inc. increased its position in shares of Devon Energy by 53.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 12,846 shares of the energy company’s stock valued at $609,000 after buying an additional 4,460 shares in the last quarter. Trust Investment Advisors increased its position in shares of Devon Energy by 8.3% in the second quarter. Trust Investment Advisors now owns 21,515 shares of the energy company’s stock valued at $1,020,000 after buying an additional 1,640 shares in the last quarter. Intech Investment Management LLC increased its position in shares of Devon Energy by 449.1% in the second quarter. Intech Investment Management LLC now owns 22,398 shares of the energy company’s stock valued at $1,062,000 after buying an additional 18,319 shares in the last quarter. Cowa LLC increased its position in shares of Devon Energy by 16.6% in the second quarter. Cowa LLC now owns 13,133 shares of the energy company’s stock valued at $622,000 after buying an additional 1,867 shares in the last quarter. Finally, SkyOak Wealth LLC increased its position in shares of Devon Energy by 4.1% in the second quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock valued at $298,000 after buying an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on DVN. Sanford C. Bernstein decreased their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Wolfe Research began coverage on Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. Wells Fargo & Company decreased their price objective on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 14th. Finally, Piper Sandler decreased their price objective on Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. 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 company’s stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Devon Energy Stock Performance

NYSE DVN opened at $40.97 on Friday. The firm has a market capitalization of $25.89 billion, a P/E ratio of 7.82, a P/E/G ratio of 1.13 and a beta of 2.03. Devon Energy Co. has a 1-year low of $39.02 and a 1-year high of $55.09. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The business’s 50-day simple moving average is $44.28 and its 200-day simple moving average is $47.35.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company’s revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.18 EPS. Equities analysts predict that Devon Energy Co. will post 5.36 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed 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 2.15%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio is currently 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.