Gabelli Funds LLC Sells 15,800 Shares of Devon Energy Co. (NYSE:DVN)

Gabelli Funds LLC decreased its position in Devon Energy Co. (NYSE:DVN) by 4.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 313,400 shares of the energy company’s stock after selling 15,800 shares during the quarter. Gabelli Funds LLC’s holdings in Devon Energy were worth $14,855,000 at the end of the most recent quarter.

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

Devon Energy Stock Performance

Shares of NYSE DVN opened at $41.12 on Tuesday. 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 Co. has a 52-week low of $39.02 and a 52-week high of $55.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The firm’s fifty day moving average is $43.92 and its two-hundred day moving average is $47.27.

Devon Energy (NYSE:DVN) last issued 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 firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business’s revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.18 earnings per share. As a group, analysts anticipate that Devon Energy Co. will post 5.36 EPS for the current fiscal year.

Devon Energy Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts recently commented on DVN shares. Scotiabank decreased their target price on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Truist Financial reduced their price target on Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. UBS Group lowered their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Finally, Bank of America restated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. Six 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Devon Energy 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.