Cary Street Partners Investment Advisory LLC Acquires 1,235 Shares of Devon Energy Co. (NYSE:DVN)

Cary Street Partners Investment Advisory LLC lifted its holdings in Devon Energy Co. (NYSE:DVN) by 4.5% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 28,984 shares of the energy company’s stock after purchasing an additional 1,235 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in Devon Energy were worth $1,401,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in DVN. Geode Capital Management LLC raised its stake in Devon Energy by 6.2% during the 1st quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after acquiring an additional 823,626 shares during the period. Morgan Stanley raised its stake in Devon Energy by 3.3% during the 4th quarter. Morgan Stanley now owns 11,263,424 shares of the energy company’s stock worth $692,813,000 after acquiring an additional 356,448 shares during the period. Bank of New York Mellon Corp raised its stake in Devon Energy by 13.7% during the 1st quarter. Bank of New York Mellon Corp now owns 8,321,000 shares of the energy company’s stock worth $421,126,000 after acquiring an additional 1,003,951 shares during the period. Victory Capital Management Inc. raised its stake in Devon Energy by 15.0% during the 2nd quarter. Victory Capital Management Inc. now owns 8,059,219 shares of the energy company’s stock worth $389,583,000 after acquiring an additional 1,049,592 shares during the period. Finally, Raymond James & Associates raised its stake in Devon Energy by 4.6% during the 2nd quarter. Raymond James & Associates now owns 8,027,615 shares of the energy company’s stock worth $388,055,000 after acquiring an additional 350,916 shares during the period. Institutional investors own 68.34% of the company’s stock.

Devon Energy Trading Up 2.4 %

DVN stock opened at $45.36 on Friday. The firm has a fifty day moving average price of $47.16 and a 200 day moving average price of $48.85. Devon Energy Co. has a fifty-two week low of $42.59 and a fifty-two week high of $70.43. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.89 and a current ratio of 0.96. The firm has a market cap of $29.06 billion, a PE ratio of 7.75, a price-to-earnings-growth ratio of 0.15 and a beta of 2.30.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a $0.77 dividend. The ex-dividend date is Thursday, December 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.49. This represents a $3.08 dividend on an annualized basis and a dividend yield of 6.79%. Devon Energy’s dividend payout ratio (DPR) is 13.68%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on DVN. Royal Bank of Canada decreased their target price on shares of Devon Energy from $60.00 to $55.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Bank of America lifted their price objective on shares of Devon Energy from $54.00 to $58.00 in a research report on Wednesday, September 27th. Wells Fargo & Company reduced their price objective on shares of Devon Energy from $51.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Friday, October 20th. Pickering Energy Partners upgraded shares of Devon Energy from a “neutral” rating to an “outperform” rating in a research report on Thursday, November 9th. Finally, UBS Group reduced their price objective on shares of Devon Energy from $54.00 to $52.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 14th. Seven equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $58.18.

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.