PSI Advisors LLC Purchases 300 Shares of Devon Energy Co. (NYSE:DVN)

PSI Advisors LLC lifted its position in Devon Energy Co. (NYSE:DVN) by 66.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 750 shares of the energy company’s stock after purchasing an additional 300 shares during the quarter. PSI Advisors LLC’s holdings in Devon Energy were worth $36,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. 1620 Investment Advisors Inc. bought a new stake in shares of Devon Energy in the second quarter worth about $34,000. Rockland Trust Co. increased its stake in Devon Energy by 9.3% during the second quarter. Rockland Trust Co. now owns 4,690 shares of the energy company’s stock worth $222,000 after acquiring an additional 400 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new stake in Devon Energy during the second quarter worth approximately $368,000. MFA Wealth Advisors LLC bought a new stake in Devon Energy during the second quarter worth approximately $81,000. Finally, Fifth Third Bancorp increased its stake in Devon Energy by 1.4% during the second quarter. Fifth Third Bancorp now owns 22,255 shares of the energy company’s stock worth $1,055,000 after acquiring an additional 299 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Down 0.4 %

Shares of NYSE DVN opened at $43.67 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The firm has a market capitalization of $27.60 billion, a price-to-earnings ratio of 8.33, a PEG ratio of 0.75 and a beta of 2.07. The stock has a 50 day moving average price of $46.00 and a 200 day moving average price of $47.43. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09.

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

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.02%. Devon Energy’s dividend payout ratio is currently 16.79%.

Wall Street Analyst Weigh In

DVN has been the topic of several analyst reports. StockNews.com raised Devon Energy from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Truist Financial reduced their price objective on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, July 9th. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, July 9th. BMO Capital Markets raised Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Finally, Mizuho boosted their target price on Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Five analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.75.

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.