Capital Investment Advisors LLC Boosts Stake in Devon Energy Co. (NYSE:DVN)

Capital Investment Advisors LLC lifted its holdings in Devon Energy Co. (NYSE:DVN) by 6.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,350 shares of the energy company’s stock after purchasing an additional 417 shares during the quarter. Capital Investment Advisors LLC’s holdings in Devon Energy were worth $348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. CX Institutional increased its position in Devon Energy by 1.8% during the second quarter. CX Institutional now owns 79,374 shares of the energy company’s stock valued at $3,762,000 after acquiring an additional 1,403 shares during the last quarter. Guinness Atkinson Asset Management Inc increased its position in Devon Energy by 13.8% during the second quarter. Guinness Atkinson Asset Management Inc now owns 7,913 shares of the energy company’s stock valued at $375,000 after acquiring an additional 960 shares during the last quarter. Guinness Asset Management LTD increased its position in Devon Energy by 17.3% during the second quarter. Guinness Asset Management LTD now owns 300,966 shares of the energy company’s stock valued at $14,242,000 after acquiring an additional 44,324 shares during the last quarter. Simplicity Wealth LLC grew its holdings in Devon Energy by 3.6% during the second quarter. Simplicity Wealth LLC now owns 11,870 shares of the energy company’s stock valued at $563,000 after purchasing an additional 416 shares during the period. Finally, Foundation Resource Management Inc. grew its holdings in Devon Energy by 1.2% during the second quarter. Foundation Resource Management Inc. now owns 82,629 shares of the energy company’s stock valued at $3,917,000 after purchasing an additional 950 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 0.4 %

NYSE:DVN traded down $0.19 during midday trading on Friday, hitting $44.92. The stock had a trading volume of 6,233,393 shares, compared to its average volume of 7,289,958. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The company has a market capitalization of $28.39 billion, a price-to-earnings ratio of 8.57, a PEG ratio of 0.75 and a beta of 2.07. The stock has a 50-day moving average of $46.34 and a 200 day moving average of $47.29. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last announced 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 company 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%. Devon Energy’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.18 earnings per share. As a group, sell-side analysts forecast that Devon Energy Co. will post 5.4 EPS for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders 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 annualized dividend and a yield of 1.96%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Bank of America reissued a “buy” rating and set a $64.00 price target on shares of Devon Energy in a report on Friday, June 14th. BMO Capital Markets raised Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Susquehanna reaffirmed a “positive” rating and issued a $65.00 price objective on shares of Devon Energy in a research note on Tuesday, July 9th. Mizuho upped their price objective on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, Wells Fargo & Company dropped their price objective on Devon Energy from $60.00 to $57.00 and set an “overweight” rating for the company in a research note on Tuesday, July 23rd. Five research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $59.13.

About Devon Energy

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.