Devon Energy Co. (NYSE:DVN) Stock Position Trimmed by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. trimmed its position in shares of Devon Energy Co. (NYSE:DVN) by 8.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,774 shares of the energy company’s stock after selling 338 shares during the period. Brown Brothers Harriman & Co.’s holdings in Devon Energy were worth $179,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after buying an additional 2,559,039 shares in the last quarter. Raymond James & Associates increased its holdings in shares of Devon Energy by 1.5% during the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock valued at $435,311,000 after purchasing an additional 138,919 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in shares of Devon Energy by 3.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 4,699,410 shares of the energy company’s stock valued at $222,752,000 after purchasing an additional 169,923 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Devon Energy by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 4,680,448 shares of the energy company’s stock worth $221,853,000 after purchasing an additional 18,443 shares during the period. Finally, Schroder Investment Management Group grew its position in Devon Energy by 6.1% in the 4th quarter. Schroder Investment Management Group now owns 2,836,108 shares of the energy company’s stock valued at $128,476,000 after buying an additional 162,327 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN opened at $40.37 on Thursday. 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 has a fifty day moving average of $44.39 and a 200-day moving average of $47.39. 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 Co. has a 12-month low of $39.02 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data 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 firm 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 business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the company posted $1.18 EPS. Equities analysts forecast that Devon Energy Co. will post 5.36 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business 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 $0.22 dividend. 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%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Sanford C. Bernstein dropped their price target on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Bank of America restated a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a research report on Friday, June 14th. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. Wells Fargo & Company cut their price objective on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, August 14th. Finally, Scotiabank lowered their target price on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently 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.