Argent Trust Co Increases Stock Holdings in Devon Energy Co. (NYSE:DVN)

Argent Trust Co grew its position in Devon Energy Co. (NYSE:DVN) by 0.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,159 shares of the energy company’s stock after buying an additional 361 shares during the quarter. Argent Trust Co’s holdings in Devon Energy were worth $2,235,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Triad Wealth Partners LLC purchased a new position in shares of Devon Energy in the second quarter valued at $27,000. Tradewinds Capital Management LLC purchased a new stake in Devon Energy during the 1st quarter worth about $30,000. 1620 Investment Advisors Inc. purchased a new stake in Devon Energy during the 2nd quarter worth about $34,000. Jones Financial Companies Lllp increased its position in 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 purchasing an additional 374 shares in the last quarter. Finally, PSI Advisors LLC increased its position in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the subject of a number of recent research reports. Sanford C. Bernstein dropped their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. Wolfe Research initiated coverage on Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. dropped their price objective on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Finally, Piper Sandler dropped their price objective on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Six equities research 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $57.00.

Devon Energy Stock Performance

NYSE DVN opened at $40.37 on Thursday. The firm has a market capitalization of $25.51 billion, a P/E ratio of 7.70, a P/E/G ratio of 1.13 and a beta of 2.03. Devon Energy Co. has a 1-year low of $39.02 and a 1-year high of $55.09. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The business’s 50-day simple moving average is $44.39 and its 200-day simple moving average is $47.39.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company’s revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.18 EPS. Equities analysts predict that Devon Energy Co. will post 5.36 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.18%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Devon Energy 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.