Saxon Interests Inc. Grows Holdings in Devon Energy Co. (NYSE:DVN)

Saxon Interests Inc. increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 49.0% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 20,930 shares of the energy company’s stock after purchasing an additional 6,882 shares during the period. Saxon Interests Inc.’s holdings in Devon Energy were worth $1,012,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Tyler Stone Wealth Management purchased a new stake in shares of Devon Energy during the fourth quarter worth $25,000. Clearview Wealth Advisors LLC acquired a new stake in Devon Energy in the 1st quarter valued at about $25,000. Crewe Advisors LLC boosted its stake in shares of Devon Energy by 16,633.3% in the 1st quarter. Crewe Advisors LLC now owns 502 shares of the energy company’s stock valued at $25,000 after buying an additional 499 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy during the first quarter worth about $26,000. Finally, KB Financial Partners LLC purchased a new stake in shares of Devon Energy during the first quarter worth approximately $26,000. Institutional investors and hedge funds own 68.34% of the company’s stock.

Analyst Ratings Changes

DVN has been the subject of several analyst reports. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Monday. Evercore ISI decreased their price target on Devon Energy from $52.00 to $50.00 in a report on Monday, July 10th. Piper Sandler lowered their price target on Devon Energy from $72.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, August 14th. Royal Bank of Canada cut their price objective 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, Truist Financial lowered their target price on shares of Devon Energy from $69.00 to $63.00 and set a “buy” rating for the company in a report on Thursday, August 3rd. Seven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $63.83.

Devon Energy Price Performance

Shares of DVN traded down $0.41 during mid-day trading on Tuesday, hitting $49.09. The company’s stock had a trading volume of 3,839,562 shares, compared to its average volume of 8,900,570. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.55. Devon Energy Co. has a 1-year low of $44.03 and a 1-year high of $78.82. The firm has a market capitalization of $31.45 billion, a P/E ratio of 6.77, a P/E/G ratio of 0.17 and a beta of 2.34. The firm has a 50-day simple moving average of $51.05 and a 200 day simple moving average of $50.43.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 1st. The energy company reported $1.18 EPS for the quarter, meeting analysts’ consensus estimates 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 return on equity of 37.89% and a net margin of 28.10%. Devon Energy’s quarterly revenue was down 38.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.59 earnings per share. Analysts predict that Devon Energy Co. will post 5.61 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.49 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.99%. Devon Energy’s payout ratio is 10.94%.

Insider Transactions at Devon Energy

In other 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 transaction, the executive vice president now directly owns 210,548 shares in the company, valued at approximately $10,765,319.24. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate 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.