Devon Energy Co. (NYSE:DVN) Holdings Decreased by Adell Harriman & Carpenter Inc.

Adell Harriman & Carpenter Inc. trimmed its position in Devon Energy Co. (NYSE:DVN) by 39.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,910 shares of the energy company’s stock after selling 3,200 shares during the quarter. Adell Harriman & Carpenter Inc.’s holdings in Devon Energy were worth $233,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy in the 2nd quarter valued at approximately $27,000. Manchester Capital Management LLC bought a new position in Devon Energy during the 4th quarter worth $28,000. Tradewinds Capital Management LLC bought a new position in Devon Energy during the 1st quarter worth $30,000. Jones Financial Companies Lllp grew its stake in Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares during the last quarter. Finally, 1620 Investment Advisors Inc. bought a new position in Devon Energy during the 2nd quarter worth $34,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Down 3.9 %

NYSE:DVN opened at $43.02 on Wednesday. The firm has a market capitalization of $26.94 billion, a price-to-earnings ratio of 8.21, a PEG ratio of 1.26 and a beta of 2.07. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The business’s fifty day moving average price is $45.70 and its 200 day moving average price is $47.62.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. The firm had revenue of $3.92 billion for 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%. Devon Energy’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.18 earnings per share. On average, sell-side analysts forecast that Devon Energy Co. will post 5.37 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. Shareholders of record on Friday, September 13th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s payout ratio is currently 16.79%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on DVN shares. Piper Sandler reduced their price target on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. StockNews.com lowered Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday. Bank of America reiterated a “buy” rating and set a $64.00 price target on shares of Devon Energy in a research report on Friday, June 14th. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Finally, Truist Financial reduced their price target on Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $58.75.

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.