Devon Energy Co. (NYSE:DVN) Stock Holdings Increased by Founders Capital Management

Founders Capital Management increased its holdings in Devon Energy Co. (NYSE:DVN) by 2,512.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,587 shares of the energy company’s stock after purchasing an additional 9,220 shares during the quarter. Founders Capital Management’s holdings in Devon Energy were worth $463,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Simplicity Solutions LLC raised its holdings in shares of Devon Energy by 247.3% in the 1st quarter. Simplicity Solutions LLC now owns 30,114 shares of the energy company’s stock worth $1,524,000 after purchasing an additional 21,442 shares in the last quarter. Clear Creek Financial Management LLC raised its holdings in shares of Devon Energy by 6.7% in the 1st quarter. Clear Creek Financial Management LLC now owns 8,656 shares of the energy company’s stock worth $438,000 after purchasing an additional 546 shares in the last quarter. VitalStone Financial LLC raised its holdings in shares of Devon Energy by 615.7% in the 1st quarter. VitalStone Financial LLC now owns 30,632 shares of the energy company’s stock worth $1,354,000 after purchasing an additional 26,352 shares in the last quarter. Aviva PLC raised its holdings in shares of Devon Energy by 23.4% in the 4th quarter. Aviva PLC now owns 368,272 shares of the energy company’s stock worth $16,394,000 after purchasing an additional 69,819 shares in the last quarter. Finally, State of Michigan Retirement System raised its holdings in shares of Devon Energy by 0.9% in the 1st quarter. State of Michigan Retirement System now owns 211,291 shares of the energy company’s stock worth $10,693,000 after purchasing an additional 1,800 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

DVN has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of Devon Energy from $49.00 to $50.00 and gave the company an “equal weight” rating in a report on Tuesday, July 18th. Piper Sandler cut their price target on shares of Devon Energy from $72.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, August 14th. UBS Group boosted their price target on shares of Devon Energy from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, August 17th. Royal Bank of Canada cut their price target on shares of Devon Energy from $63.00 to $60.00 and set a “sector perform” rating on the stock in a report on Thursday, July 13th. Finally, Stifel Nicolaus boosted their price target on shares of Devon Energy from $77.00 to $79.00 and gave the company a “buy” rating in a report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $64.74.

Devon Energy Stock Down 1.2 %

DVN stock traded down $0.59 during trading hours on Friday, hitting $50.34. The company’s stock had a trading volume of 3,253,285 shares, compared to its average volume of 8,794,298. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $32.25 billion, a PE ratio of 6.97, a price-to-earnings-growth ratio of 0.18 and a beta of 2.34. Devon Energy Co. has a 12 month low of $44.03 and a 12 month high of $78.82. The stock has a 50 day moving average price of $51.03 and a two-hundred day moving average price of $50.56.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 1st. The energy company reported $1.18 EPS for the quarter, hitting the consensus estimate of $1.18. The company had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.26 billion. Devon Energy had a net margin of 28.10% and a return on equity of 37.89%. The company’s revenue for the quarter was down 38.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.59 earnings per share. On average, equities research analysts expect that Devon Energy Co. will post 5.61 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.89%. The ex-dividend date is Thursday, September 14th. Devon Energy’s dividend payout ratio (DPR) is currently 10.94%.

Insiders Place Their Bets

In other Devon Energy news, EVP Dennis C. Cameron sold 7,870 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $51.13, for a total transaction of $402,393.10. Following the sale, the executive vice president now owns 210,548 shares of the company’s stock, valued at approximately $10,765,319.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.63% of the company’s stock.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.