Devon Energy Co. (NYSE:DVN) Stock Position Increased by Signature Wealth Management Partners LLC

Signature Wealth Management Partners LLC lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 10.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,000 shares of the energy company’s stock after purchasing an additional 650 shares during the period. Signature Wealth Management Partners LLC’s holdings in Devon Energy were worth $332,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after purchasing an additional 2,559,039 shares during the period. Raymond James & Associates raised its position in Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after buying an additional 736,449 shares during the period. Victory Capital Management Inc. raised its position in Devon Energy by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after buying an additional 68,339 shares during the period. Dimensional Fund Advisors LP raised its position in Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after buying an additional 1,488,374 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its position in Devon Energy by 3.6% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 4,529,487 shares of the energy company’s stock valued at $227,290,000 after buying an additional 156,230 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Devon Energy stock traded up $0.41 during trading hours on Monday, hitting $45.34. The stock had a trading volume of 4,919,875 shares, compared to its average volume of 7,274,578. The company has a 50-day moving average of $46.31 and a two-hundred day moving average of $47.35. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The company has a market cap of $28.65 billion, a PE ratio of 8.65, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

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 analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same period in the prior year, the firm posted $1.18 EPS. Devon Energy’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, equities research analysts anticipate that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.94%. Devon Energy’s payout ratio is presently 16.79%.

Analysts Set New Price Targets

Several research firms recently weighed in on DVN. Stifel Nicolaus upped their price target on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Susquehanna reissued a “positive” rating and set a $65.00 price target on shares of Devon Energy in a research report on Tuesday, July 9th. Bank of America reissued a “buy” rating and set a $64.00 price target on shares of Devon Energy in a research report on Friday, June 14th. BMO Capital Markets raised Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Finally, JPMorgan Chase & Co. boosted their target price on Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, July 8th. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average target price of $59.13.

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.