Edge Capital Group LLC Takes Position in Devon Energy Co. (NYSE:DVN)

Edge Capital Group LLC purchased a new position in shares of Devon Energy Co. (NYSE:DVN) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 5,615 shares of the energy company’s stock, valued at approximately $266,000.

Other large investors also recently added to or reduced their stakes in the company. Triad Wealth Partners LLC bought a new position in Devon Energy during the second quarter worth about $27,000. Tradewinds Capital Management LLC bought a new position in Devon Energy in the 1st quarter worth approximately $30,000. Jones Financial Companies Lllp boosted its holdings in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares during the period. 1620 Investment Advisors Inc. purchased a new position in Devon Energy in the 2nd quarter valued at approximately $34,000. Finally, PSI Advisors LLC raised its holdings in Devon Energy by 66.7% during 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 during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 0.4 %

DVN opened at $40.79 on Monday. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The business’s fifty day simple moving average is $44.06 and its 200 day simple moving average is $47.30. Devon Energy Co. has a 52 week low of $39.02 and a 52 week high of $55.09. The stock has a market cap of $25.78 billion, a PE ratio of 7.78, a P/E/G ratio of 1.13 and a beta of 2.03.

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

Devon Energy Announces Dividend

The firm also recently disclosed 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 is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.16%. Devon Energy’s payout ratio is 16.79%.

Analyst Upgrades and Downgrades

DVN has been the subject of several recent research reports. UBS Group reduced their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Bank of America reaffirmed a “buy” rating and set a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Finally, Truist Financial decreased their target price on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus 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.