CIBC Asset Management Inc Grows Holdings in Devon Energy Co. (NYSE:DVN)

CIBC Asset Management Inc raised its position in Devon Energy Co. (NYSE:DVN) by 11.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 100,824 shares of the energy company’s stock after purchasing an additional 9,954 shares during the period. CIBC Asset Management Inc’s holdings in Devon Energy were worth $4,779,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Triad Wealth Partners LLC purchased a new position in Devon Energy in the 2nd quarter valued at about $27,000. Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy during the 1st quarter worth about $30,000. Manchester Capital Management LLC purchased a new position in shares of Devon Energy during the 4th quarter worth about $28,000. 1620 Investment Advisors Inc. purchased a new position in shares of Devon Energy during the 2nd quarter worth about $34,000. Finally, Jones Financial Companies Lllp lifted its holdings in shares of Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Down 1.8 %

Shares of NYSE:DVN opened at $42.24 on Thursday. 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 52-week low of $40.47 and a 52-week high of $55.09. The company has a 50 day moving average of $45.61 and a two-hundred day moving average of $47.59. The company has a market capitalization of $26.45 billion, a price-to-earnings ratio of 8.06, a price-to-earnings-growth ratio of 1.26 and a beta of 2.07.

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

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s payout ratio is currently 16.79%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on DVN. Sanford C. Bernstein cut their price objective on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. Piper Sandler cut their price objective on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Truist Financial cut their price objective on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday. Finally, Wells Fargo & Company cut their price target on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. Six 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, the company has an average rating of “Moderate Buy” and a consensus target price of $58.63.

Devon Energy Company 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.