Inspire Investing LLC Reduces Stake in Devon Energy Co. (NYSE:DVN)

Inspire Investing LLC decreased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 12.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 64,703 shares of the energy company’s stock after selling 9,404 shares during the period. Inspire Investing LLC’s holdings in Devon Energy were worth $3,067,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Creekmur Asset Management LLC bought a new stake in Devon Energy in the fourth quarter valued at about $791,000. Wahed Invest LLC increased its stake in shares of Devon Energy by 6.3% in the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock worth $496,000 after acquiring an additional 648 shares during the last quarter. Tradewinds Capital Management LLC acquired a new position in shares of Devon Energy in the first quarter worth $30,000. MCF Advisors LLC boosted its holdings in Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Devon Energy by 39.2% in the first quarter. GAMMA Investing LLC now owns 10,927 shares of the energy company’s stock worth $548,000 after purchasing an additional 3,079 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on DVN shares. Morgan Stanley cut their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday. Wolfe Research began coverage on shares of Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. UBS Group decreased their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. Finally, Sanford C. Bernstein dropped their target price 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. Six research 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’s stock. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

Devon Energy Trading Down 0.2 %

Shares of DVN stock opened at $40.37 on Thursday. Devon Energy Co. has a fifty-two week low of $39.02 and a fifty-two week high of $55.09. The firm has a market capitalization of $25.51 billion, a P/E ratio of 7.70, a PEG ratio of 1.13 and a beta of 2.03. The stock’s fifty day moving average is $44.39 and its two-hundred day moving average is $47.39. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last released its earnings results 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 company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. Devon Energy’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. Research analysts expect that Devon Energy Co. will post 5.36 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.18%. Devon Energy’s payout ratio is 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.