Brick & Kyle Associates Grows Stock Position in Devon Energy Co. (NYSE:DVN)

Brick & Kyle Associates boosted its position in shares of Devon Energy Co. (NYSE:DVN) by 3.7% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 76,983 shares of the energy company’s stock after buying an additional 2,714 shares during the quarter. Devon Energy accounts for 1.5% of Brick & Kyle Associates’ investment portfolio, making the stock its 25th largest holding. Brick & Kyle Associates’ holdings in Devon Energy were worth $3,649,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Triad Wealth Partners LLC purchased a new position in shares of Devon Energy during the 2nd quarter worth about $27,000. Tradewinds Capital Management LLC bought a new stake in Devon Energy in the first quarter worth about $30,000. 1620 Investment Advisors Inc. purchased a new position in shares of Devon Energy during the second quarter valued at approximately $34,000. Jones Financial Companies Lllp grew its stake in shares of Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after buying an additional 374 shares during the last quarter. Finally, PSI Advisors LLC grew its stake in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 2.9 %

NYSE DVN opened at $38.96 on Friday. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09. The company has a fifty day simple moving average of $43.21 and a two-hundred day simple moving average of $47.06. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The stock has a market cap of $24.62 billion, a P/E ratio of 7.44, a P/E/G ratio of 1.22 and a beta of 2.03.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The company had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.18 EPS. On average, analysts forecast that Devon Energy Co. will post 5.11 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.26%. Devon Energy’s dividend payout ratio is currently 16.79%.

Analysts Set New Price Targets

DVN has been the subject of a number of research analyst reports. StockNews.com lowered Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Scotiabank decreased their target price on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Morgan Stanley cut their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Piper Sandler reduced their price target on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Finally, BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $57.00.

About Devon Energy

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.