SPC Financial Inc. Acquires 2,186 Shares of Devon Energy Co. (NYSE:DVN)

SPC Financial Inc. grew its holdings in Devon Energy Co. (NYSE:DVN) by 19.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 13,615 shares of the energy company’s stock after purchasing an additional 2,186 shares during the quarter. SPC Financial Inc.’s holdings in Devon Energy were worth $645,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Eagle Asset Management Inc. lifted its holdings in shares of Devon Energy by 252.7% in the fourth quarter. Eagle Asset Management Inc. now owns 48,336 shares of the energy company’s stock worth $2,190,000 after acquiring an additional 34,632 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares during the last quarter. NEOS Investment Management LLC boosted its position in Devon Energy by 35.1% in the fourth quarter. NEOS Investment Management LLC now owns 9,099 shares of the energy company’s stock valued at $412,000 after buying an additional 2,364 shares in the last quarter. Rafferty Asset Management LLC grew its stake in shares of Devon Energy by 5.7% during the fourth quarter. Rafferty Asset Management LLC now owns 327,178 shares of the energy company’s stock worth $14,821,000 after buying an additional 17,617 shares during the last quarter. Finally, Belpointe Asset Management LLC increased its holdings in shares of Devon Energy by 31.6% during the fourth quarter. Belpointe Asset Management LLC now owns 34,770 shares of the energy company’s stock worth $1,575,000 after buying an additional 8,357 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

DVN has been the topic of several recent research reports. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a report on Tuesday, September 3rd. Scotiabank cut their price target on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Wells Fargo & Company lowered their price objective on Devon Energy from $55.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday. Truist Financial reduced their target price on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating on the stock in a report on Monday. Finally, Susquehanna dropped their price target on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Seven 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $55.41.

Devon Energy Trading Up 1.7 %

DVN opened at $39.77 on Wednesday. The company has a fifty day moving average price of $42.93 and a two-hundred day moving average price of $46.95. Devon Energy Co. has a 1-year low of $37.76 and a 1-year high of $55.09. The company has a market cap of $25.13 billion, a P/E ratio of 7.59, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion during 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 firm’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. Analysts predict that Devon Energy Co. will post 5.11 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s payout ratio is 16.79%.

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.