Traynor Capital Management Inc. Buys 495 Shares of Devon Energy Co. (NYSE:DVN)

Traynor Capital Management Inc. grew its stake in shares of Devon Energy Co. (NYSE:DVN) by 10.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,095 shares of the energy company’s stock after acquiring an additional 495 shares during the period. Traynor Capital Management Inc.’s holdings in Devon Energy were worth $242,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in DVN. Lebenthal Global Advisors LLC lifted its holdings in Devon Energy by 10.8% during the 2nd quarter. Lebenthal Global Advisors LLC now owns 9,710 shares of the energy company’s stock worth $460,000 after purchasing an additional 943 shares during the last quarter. Premier Path Wealth Partners LLC increased its position in Devon Energy by 14.0% during the 2nd quarter. Premier Path Wealth Partners LLC now owns 4,546 shares of the energy company’s stock worth $215,000 after buying an additional 560 shares during the period. Bowman & Co S.C. lifted its holdings in shares of Devon Energy by 10.0% during the second quarter. Bowman & Co S.C. now owns 33,234 shares of the energy company’s stock worth $1,576,000 after buying an additional 3,031 shares in the last quarter. Slagle Financial LLC bought a new stake in shares of Devon Energy in the second quarter valued at about $2,306,000. Finally, L. Roy Papp & Associates LLP boosted its position in shares of Devon Energy by 45.4% in the second quarter. L. Roy Papp & Associates LLP now owns 15,152 shares of the energy company’s stock valued at $718,000 after acquiring an additional 4,732 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of DVN stock traded up $1.03 on Friday, reaching $44.70. The company had a trading volume of 4,314,258 shares, compared to its average volume of 7,167,934. The stock has a market capitalization of $28.25 billion, a PE ratio of 8.53, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07. 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 Co. has a one year low of $40.47 and a one year high of $55.09. The business’s 50-day moving average is $45.94 and its 200 day moving average is $47.43.

Devon Energy (NYSE:DVN) last posted its earnings results 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 firm 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 business’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.18 earnings per share. Equities research analysts forecast that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy Dividend Announcement

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 $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.97%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio is currently 16.79%.

Wall Street Analyst Weigh In

DVN has been the subject of several analyst reports. Piper Sandler dropped their price objective on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Wolfe Research initiated coverage on shares of Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Morgan Stanley increased their price target on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Mizuho upped their target price on Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Finally, Wells Fargo & Company reduced their target price on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. Five 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. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $58.75.

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.