Choreo LLC Acquires 13,878 Shares of Devon Energy Co. (NYSE:DVN)

Choreo LLC boosted its stake in Devon Energy Co. (NYSE:DVN) by 292.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,629 shares of the energy company’s stock after acquiring an additional 13,878 shares during the period. Choreo LLC’s holdings in Devon Energy were worth $893,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently made changes to their positions in the company. Salem Investment Counselors Inc. increased its holdings in Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after acquiring an additional 199 shares during the last quarter. Retirement Group LLC lifted its holdings in shares of Devon Energy by 21.8% in the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after buying an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its holdings in Devon Energy by 7.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after purchasing an additional 209 shares during the period. MCF Advisors LLC grew its position in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares in the last quarter. Finally, Annex Advisory Services LLC increased its holdings in shares of Devon Energy by 0.8% in the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after purchasing an additional 223 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Down 0.3 %

Shares of DVN opened at $39.45 on Friday. Devon Energy Co. has a 1-year low of $39.02 and a 1-year high of $55.09. The firm has a market capitalization of $24.93 billion, a price-to-earnings ratio of 7.53, a PEG ratio of 1.13 and a beta of 2.03. The firm’s 50-day moving average price is $44.64 and its 200-day moving average price is $47.41. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the prior year, the business earned $1.18 EPS. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. Sell-side analysts anticipate that Devon Energy Co. will post 5.36 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Morgan Stanley boosted their target price on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Bank of America reaffirmed a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. Piper Sandler decreased their target price on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Scotiabank lowered their target price on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Finally, Sanford C. Bernstein decreased their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.81.

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.