Parsons Capital Management Inc. RI Has $5.14 Million Stock Position in Devon Energy Co. (NYSE:DVN)

Parsons Capital Management Inc. RI cut its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 16.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 108,465 shares of the energy company's stock after selling 21,950 shares during the period. Parsons Capital Management Inc. RI's holdings in Devon Energy were worth $5,141,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of DVN. Triad Wealth Partners LLC acquired a new stake in Devon Energy in the 2nd quarter valued at about $27,000. Manchester Capital Management LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $28,000. Tradewinds Capital Management LLC bought a new position in shares of Devon Energy during the 1st quarter worth approximately $30,000. Jones Financial Companies Lllp increased its holdings in shares of 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 acquiring an additional 374 shares during the last quarter. Finally, LRI Investments LLC bought a new stake in Devon Energy in the 1st quarter valued at $39,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

NYSE:DVN traded up $0.09 during trading hours on Monday, hitting $45.18. The company's stock had a trading volume of 5,064,216 shares, compared to its average volume of 7,221,710. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The company has a market capitalization of $28.55 billion, a P/E ratio of 8.62, a PEG ratio of 0.75 and a beta of 2.07. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The stock has a fifty day simple moving average of $46.13 and a 200-day simple moving average of $47.43.

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

Devon Energy Announces Dividend

The company 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 dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy's payout ratio is 16.79%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. BMO Capital Markets upgraded shares of Devon Energy to a "strong-buy" rating in a report on Wednesday, July 3rd. Royal Bank of Canada restated a "sector perform" rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday, July 9th. Wells Fargo & Company lowered their price objective on Devon Energy from $57.00 to $55.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 14th. JPMorgan Chase & Co. lifted their target price on Devon Energy from $62.00 to $64.00 and gave the stock an "overweight" rating in a report on Monday, July 8th. Finally, Sanford C. Bernstein decreased their price target on shares of Devon Energy from $48.00 to $43.00 and set a "market perform" rating on the stock in a research note on Wednesday, July 17th. Five research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $58.75.

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.

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