Sequoia Financial Advisors LLC Buys 21,285 Shares of Devon Energy Corporation $DVN

Sequoia Financial Advisors LLC increased its stake in shares of Devon Energy Corporation (NYSE:DVN) by 31.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 89,209 shares of the energy company’s stock after buying an additional 21,285 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Devon Energy were worth $3,686,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in Devon Energy in the fourth quarter valued at about $25,000. JFS Wealth Advisors LLC increased its stake in shares of Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after purchasing an additional 245 shares during the last quarter. KERR FINANCIAL PLANNING Corp bought a new stake in shares of Devon Energy in the 2nd quarter worth approximately $29,000. GoalVest Advisory LLC bought a new stake in shares of Devon Energy in the 2nd quarter worth approximately $30,000. Finally, SouthState Bank Corp lifted its stake in Devon Energy by 173.6% in the first quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock valued at $39,000 after purchasing an additional 486 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

DVN has been the subject of several research reports. Raymond James Financial reduced their price objective on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a report on Thursday, July 16th. Wells Fargo & Company lowered their target price on Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday. Weiss Ratings raised Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday. Susquehanna lifted their price objective on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Finally, Wall Street Zen cut Devon Energy from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.60.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Stock Down 0.8%

Devon Energy stock opened at $44.48 on Friday. The firm has a 50 day simple moving average of $43.37 and a 200 day simple moving average of $45.13. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The firm has a market capitalization of $48.93 billion, a price-to-earnings ratio of 10.57 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter in the prior year, the business posted $0.84 earnings per share. The business’s quarterly revenue was up 73.1% on a year-over-year basis. On average, analysts predict that Devon Energy Corporation will post 4.95 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. Devon Energy’s dividend payout ratio is 30.40%.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.