Dynamic Advisor Solutions LLC Has $1.04 Million Position in Devon Energy Co. (NYSE:DVN)

Dynamic Advisor Solutions LLC grew its position in Devon Energy Co. (NYSE:DVN) by 5.3% during the 2nd quarter, HoldingsChannel reports. The firm owned 21,899 shares of the energy company’s stock after purchasing an additional 1,095 shares during the quarter. Dynamic Advisor Solutions LLC’s holdings in Devon Energy were worth $1,038,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Cerity Partners LLC grew its position in Devon Energy by 14.4% in the fourth quarter. Cerity Partners LLC now owns 158,622 shares of the energy company’s stock valued at $7,185,000 after purchasing an additional 20,022 shares in the last quarter. NewEdge Wealth LLC bought a new stake in Devon Energy in the 4th quarter valued at about $331,000. ORG Partners LLC lifted its holdings in shares of Devon Energy by 140.1% during the 4th quarter. ORG Partners LLC now owns 1,863 shares of the energy company’s stock worth $85,000 after acquiring an additional 1,087 shares during the period. Louisiana State Employees Retirement System bought a new stake in shares of Devon Energy during the 4th quarter worth approximately $1,753,000. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Devon Energy by 6.9% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,825,364 shares of the energy company’s stock worth $82,689,000 after acquiring an additional 118,346 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Down 1.9 %

NYSE DVN traded down $0.86 on Tuesday, hitting $44.47. 419,892 shares of the stock were exchanged, compared to its average volume of 7,230,363. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The firm has a market capitalization of $28.11 billion, a P/E ratio of 8.65, a P/E/G ratio of 0.75 and a beta of 2.07. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The stock has a fifty day moving average price of $46.31 and a two-hundred day moving average price of $47.35.

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, beating the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.18 EPS. Research analysts forecast that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 1.98%. Devon Energy’s payout ratio is 16.79%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Piper Sandler upped their price objective on shares of Devon Energy from $60.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 14th. Bank of America reissued a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. JPMorgan Chase & Co. raised their price objective on shares of Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, July 8th. StockNews.com raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $59.13.

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.