Raymond James & Associates Acquires 138,919 Shares of Devon Energy Co. (NYSE:DVN)

Raymond James & Associates lifted its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 1.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,183,778 shares of the energy company's stock after purchasing an additional 138,919 shares during the period. Raymond James & Associates owned approximately 1.45% of Devon Energy worth $435,311,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Marietta Wealth Management LLC raised its holdings in shares of Devon Energy by 6.3% during the second quarter. Marietta Wealth Management LLC now owns 112,963 shares of the energy company's stock valued at $5,354,000 after acquiring an additional 6,648 shares during the period. Davis Investment Partners LLC lifted its holdings in shares of Devon Energy by 34.3% during the 2nd quarter. Davis Investment Partners LLC now owns 24,319 shares of the energy company's stock valued at $1,130,000 after buying an additional 6,214 shares during the last quarter. Saxon Interests Inc. boosted its holdings in Devon Energy by 4.0% in the second quarter. Saxon Interests Inc. now owns 20,610 shares of the energy company's stock worth $977,000 after purchasing an additional 792 shares in the last quarter. Oak Harbor Wealth Partners LLC raised its holdings in Devon Energy by 5.8% during the second quarter. Oak Harbor Wealth Partners LLC now owns 31,985 shares of the energy company's stock valued at $1,516,000 after buying an additional 1,755 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in Devon Energy by 21.7% during the second quarter. Blue Trust Inc. now owns 10,245 shares of the energy company's stock valued at $514,000 after purchasing an additional 1,830 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on DVN. Bank of America reiterated a "buy" rating and issued a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. Mizuho increased their price objective on Devon Energy from $57.00 to $61.00 and gave the company a "buy" rating in a research report on Monday, May 13th. JPMorgan Chase & Co. boosted their target price on shares of Devon Energy from $62.00 to $64.00 and gave the stock an "overweight" rating in a research report on Monday, July 8th. Wells Fargo & Company reduced their price target on shares of Devon Energy from $57.00 to $55.00 and set an "overweight" rating for the company in a report on Wednesday. Finally, Sanford C. Bernstein cut their price target on Devon Energy from $48.00 to $43.00 and set a "market perform" rating for the company in a report on Wednesday, July 17th. Five research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $58.75.

Devon Energy Price Performance

Shares of DVN stock traded down $0.35 during trading on Friday, hitting $45.09. The company had a trading volume of 4,917,934 shares, compared to its average volume of 7,234,730. The firm has a market capitalization of $28.50 billion, a P/E ratio of 8.60, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The stock's 50-day moving average price is $46.16 and its 200 day moving average price is $47.41.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts' consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company had revenue of $3.92 billion for the quarter, compared to analysts' expectations of $3.90 billion. During the same quarter last year, the business earned $1.18 earnings per share. Devon Energy's revenue was up 13.4% on a year-over-year basis. Equities analysts expect that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.95%. Devon Energy's payout ratio is currently 16.79%.

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.