Amalgamated Bank Increases Position in Devon Energy Co. (NYSE:DVN)

Amalgamated Bank boosted its position in Devon Energy Co. (NYSE:DVN) by 21.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 162,107 shares of the energy company’s stock after buying an additional 29,114 shares during the quarter. Amalgamated Bank’s holdings in Devon Energy were worth $7,684,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. increased its holdings in Devon Energy by 12.5% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,567 shares of the energy company’s stock valued at $501,000 after buying an additional 1,172 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in Devon Energy by 2.3% in the second quarter. Mercer Global Advisors Inc. ADV now owns 104,754 shares of the energy company’s stock valued at $4,958,000 after buying an additional 2,384 shares during the last quarter. Argent Trust Co increased its holdings in Devon Energy by 0.8% in the second quarter. Argent Trust Co now owns 47,159 shares of the energy company’s stock valued at $2,235,000 after buying an additional 361 shares during the last quarter. Mutual of America Capital Management LLC increased its holdings in Devon Energy by 16.8% in the second quarter. Mutual of America Capital Management LLC now owns 188,527 shares of the energy company’s stock valued at $8,936,000 after buying an additional 27,056 shares during the last quarter. Finally, Axxcess Wealth Management LLC increased its holdings in Devon Energy by 116.7% in the second quarter. Axxcess Wealth Management LLC now owns 14,737 shares of the energy company’s stock valued at $699,000 after buying an additional 7,937 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Wells Fargo & Company decreased their target price on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. 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. JPMorgan Chase & Co. decreased their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Finally, Bank of America restated a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average target price of $57.00.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $40.97 on Friday. Devon Energy Co. has a 12 month low of $39.02 and a 12 month high of $55.09. The stock has a market cap of $25.89 billion, a price-to-earnings ratio of 7.82, a PEG ratio of 1.13 and a beta of 2.03. The stock’s 50 day moving average price is $44.28 and its 200 day moving average price is $47.35. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the previous year, the company earned $1.18 earnings per share. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. Equities research analysts anticipate that Devon Energy Co. will post 5.36 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

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 issued a dividend of $0.22 per share. 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 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.