Summit Trail Advisors LLC Boosts Position in Devon Energy Co. (NYSE:DVN)

Summit Trail Advisors LLC grew its holdings in Devon Energy Co. (NYSE:DVN) by 325.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,625 shares of the energy company’s stock after acquiring an additional 15,012 shares during the period. Summit Trail Advisors LLC’s holdings in Devon Energy were worth $930,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Salem Investment Counselors Inc. boosted its position in shares of Devon Energy by 31.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares during the last quarter. Retirement Group LLC boosted its holdings in Devon Energy by 21.8% in the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after purchasing an additional 199 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Devon Energy by 7.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after buying an additional 209 shares during the period. MCF Advisors LLC increased its holdings in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after buying an additional 215 shares during the last quarter. Finally, Annex Advisory Services LLC raised its position in shares of Devon Energy by 0.8% during the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after buying an additional 223 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on DVN. Wells Fargo & Company cut their target price on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Bank of America reissued a “buy” rating and set a $64.00 price objective on shares of Devon Energy in a research report on Friday, June 14th. Morgan Stanley decreased their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Piper Sandler dropped their price target on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, September 3rd. 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $57.00.

Devon Energy Trading Down 0.4 %

DVN opened at $40.79 on Monday. 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 stock has a market capitalization of $25.78 billion, a price-to-earnings ratio of 7.78, a PEG ratio of 1.13 and a beta of 2.03. The business has a fifty day moving average price of $44.06 and a 200 day moving average price of $47.30. Devon Energy Co. has a 12 month low of $39.02 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.18 earnings per share. Sell-side analysts expect that Devon Energy Co. will post 5.36 earnings per share for the current fiscal 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 given 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 2.16%. Devon Energy’s dividend payout ratio (DPR) 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.