Kingswood Wealth Advisors LLC Raises Stock Holdings in Devon Energy Co. (NYSE:DVN)

Kingswood Wealth Advisors LLC boosted its holdings in Devon Energy Co. (NYSE:DVN) by 159.5% in the second quarter, Holdings Channel.com reports. The institutional investor owned 33,272 shares of the energy company’s stock after acquiring an additional 20,452 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Devon Energy were worth $1,577,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. raised its position in Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after buying an additional 2,559,039 shares during the last quarter. Raymond James & Associates grew its stake in shares of Devon Energy by 8.9% during the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after purchasing an additional 736,449 shares during the period. Victory Capital Management Inc. grew its stake in shares of Devon Energy by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after purchasing an additional 68,339 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after purchasing an additional 1,488,374 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its stake in shares of Devon Energy by 3.6% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 4,529,487 shares of the energy company’s stock valued at $227,290,000 after purchasing an additional 156,230 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on DVN. Piper Sandler boosted their price target on Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, May 14th. Bank of America reiterated a “buy” rating and set a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, July 9th. JPMorgan Chase & Co. boosted their price objective on Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, July 8th. Finally, UBS Group boosted their price objective on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Six research 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $59.13.

Devon Energy Price Performance

Shares of DVN traded up $1.19 during mid-day trading on Wednesday, hitting $43.17. 11,725,108 shares of the stock were exchanged, compared to its average volume of 7,285,854. The company has a market cap of $27.28 billion, a PE ratio of 8.24, a price-to-earnings-growth 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 firm has a 50-day moving average of $46.55 and a two-hundred day moving average of $47.26. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 29.02% and a net margin of 22.27%. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.18 EPS. On average, equities analysts predict that Devon Energy Co. will post 5.4 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 annualized dividend and a yield of 2.04%. Devon Energy’s payout ratio is presently 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.