Devon Energy Co. (NYSE:DVN) Stock Position Increased by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC grew its position in Devon Energy Co. (NYSE:DVN) by 1,518.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 6,751 shares of the energy company’s stock after buying an additional 6,334 shares during the period. Frank Rimerman Advisors LLC’s holdings in Devon Energy were worth $320,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Creekmur Asset Management LLC acquired a new stake in Devon Energy in the 4th quarter valued at approximately $791,000. Wahed Invest LLC increased its holdings in shares of Devon Energy by 6.3% during the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after purchasing an additional 648 shares during the period. Tradewinds Capital Management LLC bought a new stake in shares of Devon Energy during the first quarter valued at about $30,000. MCF Advisors LLC lifted 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 during the period. Finally, GAMMA Investing LLC grew its position in Devon Energy by 39.2% in the 1st quarter. GAMMA Investing LLC now owns 10,927 shares of the energy company’s stock valued at $548,000 after buying an additional 3,079 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Down 0.3 %

Shares of NYSE:DVN opened at $41.01 on Wednesday. Devon Energy Co. has a 52 week low of $39.02 and a 52 week high of $55.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The company has a market cap of $25.92 billion, a PE ratio of 7.83, a price-to-earnings-growth ratio of 1.13 and a beta of 2.03. The firm has a 50 day simple moving average of $43.77 and a 200 day simple moving average of $47.23.

Devon Energy (NYSE:DVN) last posted its quarterly 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 firm 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%. Devon Energy’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.18 earnings per share. As a group, research analysts expect that Devon Energy Co. will post 5.36 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 annualized dividend and a yield of 2.15%. Devon Energy’s dividend payout ratio is presently 16.79%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. BMO Capital Markets raised Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Piper Sandler decreased their price target on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Finally, Sanford C. Bernstein decreased their target price on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.00.

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.