Sequoia Financial Advisors LLC Raises Stake in Devon Energy Co. (NYSE:DVN)

Sequoia Financial Advisors LLC grew its stake in shares of Devon Energy Co. (NYSE:DVN) by 1.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,147 shares of the energy company’s stock after purchasing an additional 338 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Devon Energy were worth $1,619,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC acquired a new stake in Devon Energy during the first quarter worth approximately $30,000. Manchester Capital Management LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at $28,000. Jones Financial Companies Lllp increased its holdings in shares of 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 acquiring an additional 374 shares during the period. LRI Investments LLC acquired a new position in shares of Devon Energy in the 1st quarter valued at $39,000. Finally, Salem Investment Counselors Inc. increased its holdings in shares of Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 1.1 %

NYSE:DVN traded down $0.49 on Tuesday, reaching $44.84. The stock had a trading volume of 2,271,499 shares, compared to its average volume of 7,241,511. The company has a market cap of $28.34 billion, a price-to-earnings ratio of 8.65, a P/E/G ratio of 0.75 and a beta of 2.07. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The firm’s fifty day moving average is $46.31 and its two-hundred day moving average is $47.35. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.18 EPS. Equities analysts expect that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio is currently 16.79%.

Analyst Ratings Changes

DVN has been the topic of a number of recent research reports. Sanford C. Bernstein cut their target price on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. Mizuho boosted their price objective on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, July 9th. Stifel Nicolaus boosted their price objective on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Finally, BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.