Royal London Asset Management Ltd. Lowers Stock Position in Devon Energy Co. (NYSE:DVN)

Royal London Asset Management Ltd. lessened its holdings in shares of Devon Energy Co. (NYSE:DVN) by 3.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 250,494 shares of the energy company’s stock after selling 9,848 shares during the period. Royal London Asset Management Ltd.’s holdings in Devon Energy were worth $11,873,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DVN. Triad Wealth Partners LLC bought a new stake in Devon Energy during the second quarter worth about $27,000. Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy during the first quarter valued at approximately $30,000. Manchester Capital Management LLC bought a new stake in shares of Devon Energy in the 4th quarter worth approximately $28,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Devon Energy in the 2nd quarter worth approximately $34,000. Finally, Jones Financial Companies Lllp increased its position in Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on DVN shares. Morgan Stanley boosted their target price on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Wolfe Research began coverage on shares of Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Finally, Truist Financial reduced their price target on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.81.

Devon Energy Trading Up 0.2 %

Shares of NYSE:DVN opened at $40.01 on Friday. Devon Energy Co. has a 52-week low of $39.02 and a 52-week high of $55.09. The stock has a market capitalization of $25.29 billion, a price-to-earnings ratio of 7.64, a PEG ratio of 1.17 and a beta of 2.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The stock’s 50-day simple moving average is $44.79 and its two-hundred day simple moving average is $47.44.

Devon Energy (NYSE:DVN) last announced its earnings results 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. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same period in the previous year, the business posted $1.18 earnings per share. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. Analysts expect that Devon Energy Co. will post 5.37 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.20%. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

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.