Thrivent Financial for Lutherans Raises Stock Holdings in Devon Energy Co. (NYSE:DVN)

Thrivent Financial for Lutherans boosted its stake in shares of Devon Energy Co. (NYSE:DVN) by 15.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,094,017 shares of the energy company’s stock after buying an additional 699,743 shares during the quarter. Devon Energy accounts for about 0.5% of Thrivent Financial for Lutherans’ holdings, making the stock its 22nd biggest holding. Thrivent Financial for Lutherans owned approximately 0.81% of Devon Energy worth $241,456,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Triad Wealth Partners LLC acquired a new stake in Devon Energy in the 2nd quarter valued at approximately $27,000. Tradewinds Capital Management LLC purchased a new stake in shares of Devon Energy in the 1st quarter valued at $30,000. 1620 Investment Advisors Inc. acquired a new position in Devon Energy during the 2nd quarter worth about $34,000. Jones Financial Companies Lllp boosted its holdings in Devon Energy by 104.8% during 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 during the period. Finally, PSI Advisors LLC grew its position in 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. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Down 0.5 %

NYSE DVN opened at $40.78 on Friday. Devon Energy Co. has a 12 month low of $39.02 and a 12 month high of $55.09. The company has a 50-day moving average of $44.17 and a 200-day moving average of $47.30. The company has a market cap of $25.77 billion, a P/E ratio of 7.78, a P/E/G ratio of 1.13 and a beta of 2.03. 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 (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter last year, the company earned $1.18 earnings per share. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, equities analysts predict that Devon Energy Co. will post 5.36 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 annualized dividend and a yield of 2.16%. Devon Energy’s payout ratio is 16.79%.

Analysts Set New Price Targets

Several research analysts have recently commented on DVN shares. Truist Financial lowered their price objective 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. Wolfe Research assumed coverage on shares of Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Wells Fargo & Company cut their price target on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $57.00.

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.