Johnson Investment Counsel Inc. grew its stake in Devon Energy Co. (NYSE:DVN – Free Report) by 8.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,495 shares of the energy company’s stock after purchasing an additional 611 shares during the period. Johnson Investment Counsel Inc.’s holdings in Devon Energy were worth $362,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Jade Capital Advisors LLC acquired a new stake in Devon Energy in the 2nd quarter worth $1,934,000. Cary Street Partners Asset Management LLC grew its position in Devon Energy by 26.9% in the 2nd quarter. Cary Street Partners Asset Management LLC now owns 128,861 shares of the energy company’s stock worth $6,229,000 after purchasing an additional 27,340 shares during the last quarter. Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Devon Energy by 4.5% during the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 28,984 shares of the energy company’s stock worth $1,401,000 after acquiring an additional 1,235 shares during the period. Ascension Asset Management LLC bought a new position in shares of Devon Energy during the 2nd quarter worth about $1,025,000. Finally, Schwartz Investment Counsel Inc. lifted its holdings in shares of Devon Energy by 6.6% during the 2nd quarter. Schwartz Investment Counsel Inc. now owns 24,300 shares of the energy company’s stock worth $1,175,000 after acquiring an additional 1,500 shares during the period. 68.34% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
DVN has been the subject of a number of analyst reports. Bank of America raised their price objective on shares of Devon Energy from $54.00 to $58.00 in a report on Wednesday, September 27th. StockNews.com initiated coverage on shares of Devon Energy in a report on Thursday, October 5th. They set a “hold” rating for the company. Truist Financial reduced their price objective on shares of Devon Energy from $68.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, November 9th. Piper Sandler reduced their price objective on shares of Devon Energy from $67.00 to $61.00 and set an “overweight” rating for the company in a report on Thursday, November 16th. Finally, Susquehanna cut their price target on shares of Devon Energy from $72.00 to $62.00 and set a “positive” rating for the company in a report on Wednesday, October 18th. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.18.
Devon Energy Trading Up 0.6 %
Shares of NYSE DVN opened at $45.65 on Tuesday. Devon Energy Co. has a 1-year low of $42.59 and a 1-year high of $70.43. The company has a market cap of $29.25 billion, a PE ratio of 7.80, a P/E/G ratio of 0.15 and a beta of 2.30. The company has a current ratio of 0.96, a quick ratio of 0.89 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average of $47.05 and a two-hundred day moving average of $48.84.
Devon Energy Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a $0.77 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.49. This represents a $3.08 dividend on an annualized basis and a dividend yield of 6.75%. Devon Energy’s payout ratio is currently 13.68%.
Devon Energy Company Profile
Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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