D.A. Davidson & CO. Purchases 48,619 Shares of Devon Energy Co. (NYSE:DVN)

D.A. Davidson & CO. boosted its position in Devon Energy Co. (NYSE:DVN) by 13.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 398,934 shares of the energy company’s stock after acquiring an additional 48,619 shares during the quarter. D.A. Davidson & CO. owned 0.06% of Devon Energy worth $18,909,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake 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 valued at $3,836,615,000 after buying an additional 2,559,039 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of 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 last quarter. Canada Pension Plan Investment Board grew its stake in shares of Devon Energy by 467.1% during the first quarter. Canada Pension Plan Investment Board now owns 719,672 shares of the energy company’s stock valued at $36,113,000 after buying an additional 592,765 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Devon Energy by 63.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,420,702 shares of the energy company’s stock valued at $71,291,000 after buying an additional 551,004 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Devon Energy during the first quarter valued at about $27,418,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on DVN. Wolfe Research started coverage on Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Sanford C. Bernstein cut their target price on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Morgan Stanley raised their target price on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. JPMorgan Chase & Co. raised their target price on Devon Energy from $62.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, July 8th. Finally, Piper Sandler cut their target price on Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $58.75.

Devon Energy Stock Down 0.5 %

Shares of DVN stock traded down $0.22 during trading hours on Friday, hitting $44.78. 5,832,476 shares of the company’s stock traded hands, compared to its average volume of 6,492,747. The stock’s fifty day simple moving average is $45.85 and its two-hundred day simple moving average is $47.58. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The stock has a market cap of $28.04 billion, a price-to-earnings ratio of 8.55, a PEG ratio of 1.26 and a beta of 2.07. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

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 the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same period last year, the business earned $1.18 earnings per share. The business’s revenue was up 13.4% on a year-over-year basis. On average, analysts expect that Devon Energy Co. will post 5.37 EPS for the current year.

Devon Energy Announces Dividend

The firm 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 dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 1.97%. Devon Energy’s payout ratio is 16.79%.

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.