76,068 Shares in Devon Energy Co. (NYSE:DVN) Purchased by Summit Global Investments

Summit Global Investments acquired a new stake in Devon Energy Co. (NYSE:DVN) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 76,068 shares of the energy company’s stock, valued at approximately $3,606,000.

Other institutional investors also recently added to or reduced their stakes in the company. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy in the 2nd quarter worth $27,000. Tradewinds Capital Management LLC acquired a new position in shares of Devon Energy during the first quarter worth $30,000. Manchester Capital Management LLC purchased a new stake in Devon Energy in the fourth quarter valued at about $28,000. Jones Financial Companies Lllp increased its stake 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 purchasing an additional 374 shares in the last quarter. Finally, LRI Investments LLC purchased a new position in Devon Energy in the 1st quarter worth $39,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Mizuho boosted their target price on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Morgan Stanley lifted their price target on Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Wolfe Research started coverage on Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Finally, Sanford C. Bernstein lowered their price target on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. Five analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $58.75.

Devon Energy Price Performance

Shares of DVN traded down $1.15 during trading hours on Tuesday, hitting $44.04. 5,985,190 shares of the stock were exchanged, compared to its average volume of 7,215,755. The stock’s 50-day moving average price is $46.06 and its two-hundred day moving average price is $47.45. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The company has a market cap of $27.83 billion, a price-to-earnings ratio of 8.40, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.18 earnings per share. Research analysts expect that Devon Energy Co. will post 5.4 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.00%. The ex-dividend date is Friday, September 13th. Devon Energy’s payout ratio is currently 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.