Kayne Anderson Rudnick Investment Management LLC Sells 26,002 Shares of Devon Energy Co. (NYSE:DVN)

Kayne Anderson Rudnick Investment Management LLC reduced its position in Devon Energy Co. (NYSE:DVN) by 3.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 661,777 shares of the energy company’s stock after selling 26,002 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned about 0.10% of Devon Energy worth $31,368,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares during the period. Pacer Advisors Inc. grew its position in Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after buying an additional 1,428,776 shares in the last quarter. Raymond James & Associates increased its stake in Devon Energy by 1.5% in the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after acquiring an additional 138,919 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after acquiring an additional 1,255,543 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its holdings in shares of Devon Energy by 15.9% in the 2nd quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock valued at $241,456,000 after acquiring an additional 699,743 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN opened at $40.79 on Friday. 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 Co. has a 1 year low of $39.02 and a 1 year high of $55.09. The stock’s 50 day simple moving average is $44.06 and its 200 day simple moving average is $47.29. The firm has a market cap of $25.78 billion, a price-to-earnings ratio of 7.78, a PEG ratio of 1.13 and a beta of 2.03.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 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 the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.18 earnings per share. As a group, analysts predict that Devon Energy Co. will post 5.36 earnings per share for the current 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 paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

Analyst Ratings Changes

DVN has been the subject of several recent analyst reports. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a report on Tuesday, September 3rd. Sanford C. Bernstein decreased their price target on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. Bank of America reaffirmed a “buy” rating and set a $64.00 price objective on shares of Devon Energy in a report on Friday, June 14th. Truist Financial reduced their target price on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, July 9th. Finally, Morgan Stanley dropped their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $57.00.

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.