CapWealth Advisors LLC Reduces Holdings in Devon Energy Co. (NYSE:DVN)

CapWealth Advisors LLC lessened its position in shares of Devon Energy Co. (NYSE:DVN) by 0.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 388,564 shares of the energy company’s stock after selling 2,018 shares during the quarter. Devon Energy comprises approximately 2.3% of CapWealth Advisors LLC’s portfolio, making the stock its 18th largest position. CapWealth Advisors LLC owned about 0.06% of Devon Energy worth $18,418,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Devon Energy by 3.5% in 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 purchasing an additional 2,559,039 shares during the period. Raymond James & Associates raised its holdings in Devon Energy by 1.5% in the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock valued at $435,311,000 after buying an additional 138,919 shares during the period. Dimensional Fund Advisors LP lifted its position in Devon Energy by 26.6% in 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. Raymond James Financial Services Advisors Inc. boosted its stake in Devon Energy by 3.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 4,699,410 shares of the energy company’s stock worth $222,752,000 after buying an additional 169,923 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Devon Energy by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 4,680,448 shares of the energy company’s stock worth $221,853,000 after buying an additional 18,443 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently commented on DVN shares. Wells Fargo & Company decreased their price objective on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday. Wolfe Research began coverage on Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. JPMorgan Chase & Co. increased 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, Bank of America reaffirmed a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a research report on Friday, June 14th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $58.63.

Devon Energy Stock Down 0.4 %

Shares of Devon Energy stock opened at $42.08 on Friday. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The company has a 50 day moving average of $45.52 and a 200 day moving average of $47.55. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $26.59 billion, a P/E ratio of 8.03, a P/E/G ratio of 1.26 and a beta of 2.03.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.18 EPS. As a group, research analysts forecast that Devon Energy Co. will post 5.37 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.09%. Devon Energy’s payout ratio is currently 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.