Profund Advisors LLC Has $1.59 Million Holdings in Devon Energy Co. (NYSE:DVN)

Profund Advisors LLC grew its position in Devon Energy Co. (NYSE:DVN) by 7.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 33,537 shares of the energy company’s stock after acquiring an additional 2,411 shares during the period. Profund Advisors LLC’s holdings in Devon Energy were worth $1,590,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Brown Advisory Inc. grew its holdings in shares of Devon Energy by 43.0% during the fourth quarter. Brown Advisory Inc. now owns 11,889 shares of the energy company’s stock worth $539,000 after purchasing an additional 3,573 shares during the last quarter. TrinityPoint Wealth LLC acquired a new position in Devon Energy in the 4th quarter valued at approximately $2,068,000. Ontario Teachers Pension Plan Board bought a new position in shares of Devon Energy during the fourth quarter valued at $399,000. US Bancorp DE lifted its holdings in shares of Devon Energy by 7.6% during the fourth quarter. US Bancorp DE now owns 137,359 shares of the energy company’s stock worth $6,222,000 after purchasing an additional 9,647 shares during the period. Finally, TCW Group Inc. bought a new stake in shares of Devon Energy in the fourth quarter worth $463,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Bank of America reaffirmed a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. UBS Group lowered their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Piper Sandler reduced their price objective on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Finally, Scotiabank decreased their price objective on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. 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.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.00.

Devon Energy Trading Up 0.8 %

DVN stock opened at $41.12 on Tuesday. Devon Energy Co. has a 12-month low of $39.02 and a 12-month high of $55.09. The business’s 50-day moving average is $43.92 and its 200 day moving average is $47.27. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The stock has a market cap of $25.99 billion, a price-to-earnings ratio of 7.85, a PEG ratio of 1.13 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 22.60% and a return on equity of 29.14%. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.18 EPS. On average, sell-side analysts anticipate that Devon Energy Co. will post 5.36 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business 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. This represents a $0.88 annualized dividend and a dividend yield of 2.14%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio is currently 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.