Adamsbrown Wealth Consultants LLC Takes Position in Devon Energy Co. (NYSE:DVN)

Adamsbrown Wealth Consultants LLC acquired a new stake in shares of Devon Energy Co. (NYSE:DVN) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 6,300 shares of the energy company’s stock, valued at approximately $305,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Sciencast Management LP bought a new stake in Devon Energy in the second quarter valued at $501,000. American National Bank grew its position in Devon Energy by 36.8% in the second quarter. American National Bank now owns 14,358 shares of the energy company’s stock valued at $694,000 after acquiring an additional 3,865 shares during the period. Royal Fund Management LLC lifted its position in Devon Energy by 10.7% during the 2nd quarter. Royal Fund Management LLC now owns 23,977 shares of the energy company’s stock worth $1,159,000 after buying an additional 2,325 shares in the last quarter. Biltmore Wealth Management LLC lifted its position in Devon Energy by 20.4% during the 2nd quarter. Biltmore Wealth Management LLC now owns 10,496 shares of the energy company’s stock worth $507,000 after buying an additional 1,780 shares in the last quarter. Finally, Quad Cities Investment Group LLC lifted its position in Devon Energy by 16.9% during the 2nd quarter. Quad Cities Investment Group LLC now owns 4,648 shares of the energy company’s stock worth $225,000 after buying an additional 672 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors.

Devon Energy Trading Up 1.0 %

NYSE DVN opened at $50.00 on Tuesday. The company has a market cap of $32.04 billion, a PE ratio of 6.77, a PEG ratio of 0.17 and a beta of 2.34. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.55. Devon Energy Co. has a 12 month low of $44.03 and a 12 month high of $78.82. The stock has a 50 day moving average of $51.05 and a 200-day moving average of $50.43.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 1st. The energy company reported $1.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.18. Devon Energy had a return on equity of 37.89% and a net margin of 28.10%. The business had revenue of $3.45 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the prior year, the business earned $2.59 EPS. The firm’s revenue for the quarter was down 38.6% on a year-over-year basis. On average, equities research analysts anticipate that Devon Energy Co. will post 5.61 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend is Thursday, September 14th. Devon Energy’s dividend payout ratio (DPR) is presently 10.94%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on DVN. UBS Group upped their price target on shares of Devon Energy from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, August 17th. Mizuho upped their price target on Devon Energy from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Monday. Evercore ISI lowered their price target on Devon Energy from $52.00 to $50.00 in a research note on Monday, July 10th. Truist Financial lowered their price target on Devon Energy from $69.00 to $63.00 and set a “buy” rating for the company in a research note on Thursday, August 3rd. Finally, Piper Sandler lowered their price target on Devon Energy from $72.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, August 14th. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $63.83.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Dennis C. Cameron sold 7,870 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $51.13, for a total transaction of $402,393.10. Following the transaction, the executive vice president now owns 210,548 shares in the company, valued at approximately $10,765,319.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.63% of the stock is owned by company insiders.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.