Carson Advisory Inc. Purchases New Holdings in Devon Energy Co. (NYSE:DVN)

Carson Advisory Inc. acquired a new position in Devon Energy Co. (NYSE:DVN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 4,764 shares of the energy company’s stock, valued at approximately $226,000.

Several other large investors have also modified their holdings of DVN. Principal Securities Inc. bought a new position in Devon Energy in the 4th quarter valued at $702,000. NBC Securities Inc. grew its holdings in shares of Devon Energy by 159.8% in the fourth quarter. NBC Securities Inc. now owns 8,016 shares of the energy company’s stock worth $363,000 after purchasing an additional 4,930 shares during the last quarter. Johnson Investment Counsel Inc. increased its stake in Devon Energy by 14.6% in the 4th quarter. Johnson Investment Counsel Inc. now owns 8,489 shares of the energy company’s stock worth $385,000 after buying an additional 1,081 shares during the period. QRG Capital Management Inc. lifted its holdings in Devon Energy by 30.5% during the 4th quarter. QRG Capital Management Inc. now owns 28,081 shares of the energy company’s stock valued at $1,272,000 after buying an additional 6,558 shares in the last quarter. Finally, Ieq Capital LLC boosted its position in Devon Energy by 30.0% in the 4th quarter. Ieq Capital LLC now owns 32,321 shares of the energy company’s stock valued at $1,464,000 after buying an additional 7,466 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on DVN. StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Piper Sandler reduced their price objective on Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Susquehanna lowered their target price on Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research note on Tuesday, September 3rd. Finally, Wells Fargo & Company lowered their price objective on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.63.

Devon Energy Price Performance

Shares of DVN opened at $40.24 on Wednesday. The company has a 50 day moving average of $45.12 and a two-hundred day moving average of $47.54. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a twelve month low of $40.10 and a twelve month high of $55.09. The company has a market cap of $25.43 billion, a price-to-earnings ratio of 7.68, a price-to-earnings-growth ratio of 1.17 and a beta of 2.03.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter last year, the firm earned $1.18 EPS. The business’s quarterly revenue was up 13.4% on a year-over-year basis. As a group, analysts predict that Devon Energy Co. will post 5.37 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.19%. Devon Energy’s payout ratio is 16.79%.

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.