Washburn Capital Management Inc. Raises Holdings in Devon Energy Co. (NYSE:DVN)

Washburn Capital Management Inc. grew its position in Devon Energy Co. (NYSE:DVNGet Rating) by 137.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,550 shares of the energy company’s stock after buying an additional 10,725 shares during the quarter. Devon Energy accounts for 0.9% of Washburn Capital Management Inc.’s holdings, making the stock its 21st largest holding. Washburn Capital Management Inc.’s holdings in Devon Energy were worth $1,022,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Ritholtz Wealth Management lifted its holdings in shares of Devon Energy by 42.2% in the 2nd quarter. Ritholtz Wealth Management now owns 15,060 shares of the energy company’s stock worth $830,000 after buying an additional 4,471 shares during the period. Gilman Hill Asset Management LLC purchased a new stake in shares of Devon Energy in the 2nd quarter worth $5,420,000. Oxinas Partners Wealth Management LLC lifted its holdings in shares of Devon Energy by 10.2% in the 2nd quarter. Oxinas Partners Wealth Management LLC now owns 4,024 shares of the energy company’s stock worth $222,000 after buying an additional 372 shares during the period. IFM Investors Pty Ltd lifted its holdings in shares of Devon Energy by 5.8% in the 2nd quarter. IFM Investors Pty Ltd now owns 105,693 shares of the energy company’s stock worth $5,825,000 after buying an additional 5,760 shares during the period. Finally, Orion Portfolio Solutions LLC lifted its holdings in shares of Devon Energy by 1.0% in the 2nd quarter. Orion Portfolio Solutions LLC now owns 21,897 shares of the energy company’s stock worth $1,207,000 after buying an additional 209 shares during the period. 79.19% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on DVN shares. The Goldman Sachs Group decreased their price objective on Devon Energy from $70.00 to $61.00 and set a “neutral” rating for the company in a research note on Tuesday, July 5th. Mizuho upped their price objective on Devon Energy from $88.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, August 18th. StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $83.00 price objective for the company. in a research note on Thursday, September 15th. They noted that the move was a valuation call. Finally, Bank of America decreased their price objective on Devon Energy from $80.00 to $66.00 and set a “neutral” rating for the company in a research note on Tuesday, July 19th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average price target of $77.06.

Insider Buying and Selling

In related news, EVP Dennis C. Cameron sold 4,537 shares of the firm’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total transaction of $242,956.35. Following the sale, the executive vice president now directly owns 270,269 shares of the company’s stock, valued at $14,472,904.95. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.80% of the stock is owned by corporate insiders.

Devon Energy Stock Performance

Shares of DVN stock traded down $5.62 during mid-day trading on Friday, reaching $57.50. The stock had a trading volume of 610,510 shares, compared to its average volume of 11,437,929. The business’s fifty day moving average is $64.42 and its 200-day moving average is $63.30. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.63. The firm has a market cap of $37.65 billion, a price-to-earnings ratio of 7.26, a PEG ratio of 0.13 and a beta of 2.47. Devon Energy Co. has a 1-year low of $30.49 and a 1-year high of $79.40.

Devon Energy (NYSE:DVNGet Rating) last announced its quarterly earnings data on Monday, August 1st. The energy company reported $2.59 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.21. The business had revenue of $5.63 billion for the quarter, compared to analyst estimates of $4.77 billion. Devon Energy had a return on equity of 48.58% and a net margin of 30.65%. The company’s revenue was up 132.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.60 earnings per share. On average, research analysts forecast that Devon Energy Co. will post 9.24 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Monday, September 12th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 10.78%. This is a positive change from Devon Energy’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Friday, September 9th. Devon Energy’s dividend payout ratio (DPR) is 9.14%.

About Devon Energy

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Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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