Xponance Inc. Decreases Stock Holdings in Devon Energy Co. (NYSE:DVN)

Xponance Inc. trimmed its position in shares of Devon Energy Co. (NYSE:DVN) by 2.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 126,955 shares of the energy company’s stock after selling 2,568 shares during the quarter. Xponance Inc.’s holdings in Devon Energy were worth $6,018,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy during the second quarter valued at about $27,000. Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy in the 1st quarter valued at approximately $30,000. 1620 Investment Advisors Inc. purchased a new position in shares of Devon Energy in the 2nd quarter valued at approximately $34,000. Jones Financial Companies Lllp raised its position in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares during the last quarter. Finally, PSI Advisors LLC raised its position in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DVN has been the subject of several research analyst reports. Truist Financial decreased their price objective 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. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, September 3rd. Susquehanna decreased their price objective on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Wells Fargo & Company cut their price target on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. Finally, Morgan Stanley cut their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Six 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 stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $57.00.

Devon Energy Price Performance

Shares of NYSE DVN opened at $41.01 on Wednesday. The stock has a market capitalization of $25.92 billion, a price-to-earnings ratio of 7.83, a PEG ratio of 1.13 and a beta of 2.03. Devon Energy Co. has a 12 month low of $39.02 and a 12 month high of $55.09. The firm’s 50 day simple moving average is $43.77 and its 200-day simple moving average is $47.23. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

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

Devon Energy Announces Dividend

The company 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 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 dividend yield of 2.15%. Devon Energy’s payout ratio is 16.79%.

Devon Energy Company 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.