Anchor Investment Management LLC Cuts Holdings in Devon Energy Co. (NYSE:DVN)

Anchor Investment Management LLC reduced its holdings in Devon Energy Co. (NYSE:DVN) by 36.2% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,764 shares of the energy company’s stock after selling 999 shares during the quarter. Anchor Investment Management LLC’s holdings in Devon Energy were worth $84,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after acquiring an additional 2,559,039 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Devon Energy by 16.8% in the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after purchasing an additional 1,428,776 shares during the period. Los Angeles Capital Management LLC lifted its stake in shares of Devon Energy by 7,165.6% in the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after purchasing an additional 1,357,311 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Devon Energy by 16.7% during the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares in the last quarter. Finally, National Bank of Canada FI grew its position in Devon Energy by 447.6% during the second quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock worth $56,299,000 after buying an additional 964,147 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Sanford C. Bernstein decreased their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 17th. Piper Sandler decreased their target price on Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. JPMorgan Chase & Co. dropped their price target 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. BMO Capital Markets cut their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Bank of America reissued a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Eight investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $53.79.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $42.41 on Friday. The business has a fifty day simple moving average of $42.74 and a 200-day simple moving average of $46.87. Devon Energy Co. has a 52 week low of $37.76 and a 52 week high of $55.09. The company has a market cap of $26.80 billion, a P/E ratio of 8.09, a P/E/G ratio of 1.22 and a beta of 2.02. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period in the prior year, the firm posted $1.18 EPS. The company’s revenue was up 13.4% on a year-over-year basis. Equities research analysts forecast that Devon Energy Co. will post 5.11 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.07%. Devon Energy’s payout ratio is 16.79%.

Devon Energy Company 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.