Devon Energy Co. (NYSE:DVN) Position Decreased by Steel Grove Capital Advisors LLC

Steel Grove Capital Advisors LLC decreased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 6.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,629 shares of the energy company’s stock after selling 1,010 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Devon Energy were worth $646,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy in the second quarter worth approximately $27,000. Tradewinds Capital Management LLC acquired a new position in Devon Energy during the first quarter valued at approximately $30,000. 1620 Investment Advisors Inc. bought a new stake in shares of Devon Energy during the 2nd quarter worth $34,000. Jones Financial Companies Lllp grew its stake in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares during the last quarter. Finally, PSI Advisors LLC grew its stake in Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Down 0.4 %

Shares of DVN stock opened at $40.79 on Monday. The firm’s fifty day moving average price is $44.06 and its two-hundred day moving average price is $47.30. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 1 year low of $39.02 and a 1 year high of $55.09. The firm has a market capitalization of $25.78 billion, a P/E ratio of 7.78, a PEG ratio of 1.13 and a beta of 2.03.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The company 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 firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.18 EPS. On average, equities analysts predict 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 given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on DVN. Piper Sandler reduced their price target 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. Wells Fargo & Company lowered 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. Truist Financial dropped their price objective on Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a report on Tuesday, July 9th. Morgan Stanley reduced 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 note on Monday, September 16th. Finally, Bank of America reissued a “buy” rating and set a $64.00 price target on shares of Devon Energy in a research note on Friday, June 14th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company 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.