Seven Eight Capital LP Reduces Stock Holdings in Devon Energy Co. (NYSE:DVN)

Seven Eight Capital LP lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 62.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,365 shares of the energy company’s stock after selling 7,406 shares during the quarter. Seven Eight Capital LP’s holdings in Devon Energy were worth $207,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of DVN. SkyOak Wealth LLC boosted its stake in Devon Energy by 4.1% in the second quarter. SkyOak Wealth LLC now owns 6,297 shares of the energy company’s stock valued at $298,000 after acquiring an additional 250 shares in the last quarter. Waterloo Capital L.P. acquired a new stake in shares of Devon Energy in the 2nd quarter valued at about $280,000. Blair William & Co. IL boosted its position in shares of Devon Energy by 2.0% in the 2nd quarter. Blair William & Co. IL now owns 120,419 shares of the energy company’s stock valued at $5,708,000 after purchasing an additional 2,365 shares during the period. Zega Financial LLC acquired a new position in Devon Energy during the second quarter worth approximately $267,000. Finally, Vanguard Personalized Indexing Management LLC increased its position in Devon Energy by 14.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 84,286 shares of the energy company’s stock worth $3,993,000 after buying an additional 10,564 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on DVN shares. Piper Sandler lowered their target price on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Susquehanna lowered 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 report on Wednesday, September 4th. Bank of America reaffirmed a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. UBS Group lowered their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Finally, Sanford C. Bernstein reduced their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Six investment 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 stock. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $57.00.

Devon Energy Trading Up 0.8 %

Shares of DVN opened at $41.12 on Tuesday. Devon Energy Co. has a fifty-two week low of $39.02 and a fifty-two week high of $55.09. The company has a market capitalization of $25.99 billion, a PE ratio of 7.85, a price-to-earnings-growth ratio of 1.13 and a beta of 2.03. The stock has a fifty day moving average of $43.92 and a two-hundred day moving average of $47.27. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last released its earnings results 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 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 business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.18 earnings per share. As a group, analysts forecast that Devon Energy Co. will post 5.36 EPS for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.14%. Devon Energy’s payout ratio is 16.79%.

Devon Energy Company 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.