Rockland Trust Co. Increases Holdings in Devon Energy Co. (NYSE:DVN)

Rockland Trust Co. raised its holdings in shares of Devon Energy Co. (NYSE:DVN) by 9.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,690 shares of the energy company’s stock after acquiring an additional 400 shares during the period. Rockland Trust Co.’s holdings in Devon Energy were worth $222,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Triad Wealth Partners LLC purchased a new position in Devon Energy during the second quarter valued at $27,000. Manchester Capital Management LLC purchased a new position in Devon Energy in the 4th quarter valued at $28,000. Tradewinds Capital Management LLC acquired a new position in Devon Energy during the first quarter worth about $30,000. Jones Financial Companies Lllp grew its position in shares of Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares in the last quarter. Finally, LRI Investments LLC acquired a new position in Devon Energy during the first quarter worth $39,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 0.1 %

Shares of Devon Energy stock traded up $0.06 during trading hours on Thursday, reaching $43.90. 1,781,480 shares of the company’s stock were exchanged, compared to its average volume of 7,170,807. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The company has a fifty day moving average of $46.06 and a 200-day moving average of $47.45. 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 firm has a market capitalization of $27.74 billion, a price-to-earnings ratio of 8.36, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating 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 firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter last year, the firm earned $1.18 earnings per share. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. Sell-side analysts forecast 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. Shareholders 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 2.00%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio is presently 16.79%.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Susquehanna reaffirmed a “positive” rating and issued a $65.00 price target on shares of Devon Energy in a research note on Tuesday, July 9th. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, July 9th. Piper Sandler reduced their price target 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. Morgan Stanley boosted their price target on shares of Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Finally, Mizuho boosted their price objective on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $58.75.

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.