Confluence Wealth Services Inc. Buys 3,393 Shares of Devon Energy Co. (NYSE:DVN)

Confluence Wealth Services Inc. increased its stake in Devon Energy Co. (NYSE:DVN) by 7.0% in the second quarter, Holdings Channel.com reports. The institutional investor owned 51,858 shares of the energy company’s stock after acquiring an additional 3,393 shares during the period. Confluence Wealth Services Inc.’s holdings in Devon Energy were worth $2,458,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy in the second quarter worth $27,000. Manchester Capital Management LLC purchased a new position in Devon Energy in the fourth quarter worth about $28,000. Tradewinds Capital Management LLC bought a new position in shares of Devon Energy in the first quarter worth approximately $30,000. Jones Financial Companies Lllp grew its holdings in shares of Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares during the last quarter. Finally, 1620 Investment Advisors Inc. bought a new stake in shares of Devon Energy during the second quarter valued at approximately $34,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Devon Energy stock traded down $0.22 during midday trading on Friday, hitting $44.78. The stock had a trading volume of 5,832,476 shares, compared to its average volume of 7,091,220. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The company has a market capitalization of $28.30 billion, a PE ratio of 8.55, a P/E/G ratio of 0.75 and a beta of 2.07. The firm’s fifty day moving average is $45.85 and its two-hundred day moving average is $47.54.

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

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.97%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Bank of America reiterated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. StockNews.com raised Devon Energy from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. Truist Financial lowered their target price on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, July 9th. Sanford C. Bernstein reduced their price target on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research report 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 company’s stock. According to MarketBeat.com, the stock presently 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.