Payden & Rygel Investment Group Invests $176,000 in Devon Energy Co. (NYSE:DVN)

Payden & Rygel Investment Group acquired a new position in shares of Devon Energy Co. (NYSE:DVN) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 3,500 shares of the energy company’s stock, valued at approximately $176,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Creekmur Asset Management LLC acquired a new stake in shares of Devon Energy during the fourth quarter worth about $791,000. Wahed Invest LLC lifted its holdings in Devon Energy by 6.3% during the 4th quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock worth $496,000 after buying an additional 648 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in Devon Energy by 39.0% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock valued at $9,008,000 after buying an additional 55,459 shares during the period. Tradewinds Capital Management LLC acquired a new position in shares of Devon Energy in the first quarter worth $30,000. Finally, L. Roy Papp & Associates LLP purchased a new stake in shares of Devon Energy during the fourth quarter worth $287,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Up 1.5 %

NYSE:DVN traded up $0.70 during midday trading on Thursday, hitting $46.28. 4,881,737 shares of the company were exchanged, compared to its average volume of 7,203,877. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company has a market capitalization of $29.25 billion, a PE ratio of 8.83, a price-to-earnings-growth ratio of 1.18 and a beta of 2.07. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The company has a fifty day simple moving average of $47.26 and a 200 day simple moving average of $47.10.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the previous year, the firm earned $1.46 earnings per share. The business’s revenue was down 5.9% compared to the same quarter last year. As a group, equities analysts anticipate that Devon Energy Co. will post 5.39 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Mizuho lifted their target price on Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a report on Monday, May 13th. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Thursday, July 18th. Truist Financial reduced their target price on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. Finally, Susquehanna reiterated a “positive” rating and set a $65.00 price target on shares of Devon Energy in a report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.13.

Insider Activity

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.73% of the company’s stock.

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.