Clear Creek Financial Management LLC Acquires New Holdings in Devon Energy Co. (NYSE:DVN)

Clear Creek Financial Management LLC acquired a new stake in Devon Energy Co. (NYSE:DVN) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 5,784 shares of the energy company’s stock, valued at approximately $274,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares during the last quarter. Raymond James & Associates boosted its position in Devon Energy by 1.5% during the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after acquiring an additional 138,919 shares during the last quarter. Victory Capital Management Inc. boosted its position in Devon Energy by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after acquiring an additional 68,339 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after acquiring an additional 1,488,374 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its position in Devon Energy by 3.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 4,699,410 shares of the energy company’s stock worth $222,752,000 after acquiring an additional 169,923 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on DVN shares. JPMorgan Chase & Co. increased their price objective on Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, July 8th. Wolfe Research initiated coverage on Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Scotiabank dropped their price target on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Truist Financial dropped their price target 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. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday, July 9th. Five 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.75.

Devon Energy Price Performance

Shares of NYSE DVN traded up $1.03 during mid-day trading on Friday, reaching $44.70. The company had a trading volume of 4,314,258 shares, compared to its average volume of 7,167,934. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The firm has a market cap of $28.25 billion, a price-to-earnings ratio of 8.53, a PEG ratio of 0.75 and a beta of 2.07. The business’s 50-day simple moving average is $45.94 and its 200 day simple moving average is $47.47.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion for 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% compared to the same quarter last year. During the same period last year, the firm posted $1.18 earnings per share. On average, research analysts predict that Devon Energy Co. will post 5.4 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.22 dividend. 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%.

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.