Los Angeles Capital Management LLC Raises Stock Position in Devon Energy Co. (NYSE:DVN)

Los Angeles Capital Management LLC lifted its stake in Devon Energy Co. (NYSE:DVN) by 7,165.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,376,253 shares of the energy company’s stock after purchasing an additional 1,357,311 shares during the period. Los Angeles Capital Management LLC’s holdings in Devon Energy were worth $65,234,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Creekmur Asset Management LLC bought a new position in Devon Energy in the fourth quarter worth about $791,000. Wahed Invest LLC grew its holdings in shares of Devon Energy by 6.3% during the 4th quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock worth $496,000 after acquiring an additional 648 shares during the period. Tradewinds Capital Management LLC bought a new position in shares of Devon Energy in the 1st quarter worth approximately $30,000. MCF Advisors LLC lifted its stake in shares of Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares during the period. Finally, Principal Securities Inc. purchased a new position in shares of Devon Energy in the 4th quarter valued at approximately $702,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Piper Sandler decreased their price objective on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday. Truist Financial dropped their price objective on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, July 9th. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, July 8th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $58.63.

Devon Energy Stock Performance

Shares of Devon Energy stock traded down $0.74 during trading on Friday, hitting $41.34. 6,226,394 shares of the company’s stock traded hands, compared to its average volume of 7,067,286. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The business has a 50-day simple moving average of $45.39 and a 200-day simple moving average of $47.53. The stock has a market capitalization of $26.13 billion, a P/E ratio of 7.89, a PEG ratio of 1.26 and a beta of 2.03. 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 announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter last year, the firm posted $1.18 EPS. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. As a group, analysts forecast that Devon Energy Co. will post 5.37 EPS for the current year.

Devon Energy Dividend Announcement

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 $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) 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.