Shapiro Capital Management LLC Buys 149,963 Shares of Devon Energy Co. (NYSE:DVN)

Shapiro Capital Management LLC increased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 9.2% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,786,803 shares of the energy company’s stock after purchasing an additional 149,963 shares during the quarter. Devon Energy accounts for 2.6% of Shapiro Capital Management LLC’s holdings, making the stock its 20th biggest position. Shapiro Capital Management LLC owned approximately 0.28% of Devon Energy worth $84,694,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Triad Wealth Partners LLC acquired a new position in shares of Devon Energy in the second quarter valued at approximately $27,000. Tradewinds Capital Management LLC acquired a new stake in Devon Energy during the 1st quarter worth about $30,000. 1620 Investment Advisors Inc. bought a new position in Devon Energy during the second quarter worth $34,000. Jones Financial Companies Lllp grew its stake in Devon Energy by 104.8% in the fourth 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 raised its holdings in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on DVN shares. StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Susquehanna dropped their price objective on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday, September 3rd. Morgan Stanley lowered their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Finally, Piper Sandler cut their price objective on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.00.

Devon Energy Stock Up 0.8 %

Shares of DVN opened at $41.12 on Tuesday. The firm has a 50 day simple moving average of $43.92 and a two-hundred day simple moving average of $47.27. Devon Energy Co. has a one year low of $39.02 and a one 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 company has a market cap of $25.99 billion, a P/E ratio of 7.85, a P/E/G ratio of 1.13 and a beta of 2.03.

Devon Energy (NYSE:DVN) last issued 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 firm had revenue of $3.92 billion during 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 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 EPS. Research analysts forecast that Devon Energy Co. will post 5.36 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.14%. Devon Energy’s 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.