Kayne Anderson Rudnick Investment Management LLC Sells 26,002 Shares of Devon Energy Co. (NYSE:DVN)

Kayne Anderson Rudnick Investment Management LLC lowered its stake in Devon Energy Co. (NYSE:DVN) by 3.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 661,777 shares of the energy company’s stock after selling 26,002 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Devon Energy were worth $31,368,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in DVN. Summit Trail Advisors LLC grew its holdings in shares of Devon Energy by 325.4% during the 2nd quarter. Summit Trail Advisors LLC now owns 19,625 shares of the energy company’s stock worth $930,000 after acquiring an additional 15,012 shares during the period. Thrivent Financial for Lutherans boosted its position in shares of Devon Energy by 15.9% during the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock valued at $241,456,000 after purchasing an additional 699,743 shares in the last quarter. Sei Investments Co. grew its stake in Devon Energy by 13.6% in the second quarter. Sei Investments Co. now owns 259,674 shares of the energy company’s stock worth $12,309,000 after purchasing an additional 31,175 shares during the period. Pacer Advisors Inc. grew its stake in Devon Energy by 16.8% in the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after purchasing an additional 1,428,776 shares during the period. Finally, AE Wealth Management LLC raised its holdings in Devon Energy by 48.1% in the second quarter. AE Wealth Management LLC now owns 15,923 shares of the energy company’s stock worth $755,000 after purchasing an additional 5,168 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on DVN shares. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Bank of America restated a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a report on Friday, June 14th. Piper Sandler lowered their target price on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Wolfe Research started coverage on Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, UBS Group reduced their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday. Six 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. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $57.00.

Devon Energy Trading Down 0.4 %

Devon Energy stock opened at $40.79 on Friday. Devon Energy Co. has a one year low of $39.02 and a one year high of $55.09. The business’s fifty day moving average is $44.06 and its 200 day moving average is $47.29. The stock has a market capitalization of $25.78 billion, a PE ratio of 7.78, a price-to-earnings-growth ratio of 1.13 and a beta of 2.03. 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 quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter last year, the firm posted $1.18 EPS. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, sell-side analysts predict that Devon Energy Co. will post 5.36 EPS for the current 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. This represents a $0.88 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 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.