Summit Global Investments Makes New $3.61 Million Investment in Devon Energy Co. (NYSE:DVN)

Summit Global Investments acquired a new stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 76,068 shares of the energy company's stock, valued at approximately $3,606,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy in the second quarter worth $27,000. Manchester Capital Management LLC bought a new stake in Devon Energy during the fourth quarter valued at about $28,000. Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy in the first quarter valued at about $30,000. Jones Financial Companies Lllp grew its position in shares of Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company's stock worth $33,000 after purchasing an additional 374 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in Devon Energy during the 1st quarter valued at approximately $39,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Down 2.5 %

DVN stock traded down $1.15 during trading on Tuesday, reaching $44.04. 5,985,190 shares of the company traded hands, compared to its average volume of 7,215,755. The company has a market capitalization of $27.83 billion, a price-to-earnings ratio of 8.40, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07. The business has a 50 day simple moving average of $46.06 and a 200 day simple moving average of $47.45. Devon Energy Co. has a 12 month low of $40.47 and a 12 month 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.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $1.26 by $0.15. The company had revenue of $3.92 billion during 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%. Devon Energy's revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.18 earnings per share. On average, equities research analysts anticipate that Devon Energy Co. will post 5.4 earnings per share 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. Shareholders of record on Friday, September 13th will be issued 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 2.00%. Devon Energy's dividend payout ratio is currently 16.79%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Piper Sandler reduced their price objective on shares of Devon Energy from $65.00 to $57.00 and set an "overweight" rating on the stock in a research report on Thursday, August 15th. 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. Wells Fargo & Company dropped their price objective on shares of Devon Energy from $57.00 to $55.00 and set an "overweight" rating for the company in a report on Wednesday, August 14th. Wolfe Research started coverage on Devon Energy in a report on Thursday, July 18th. They issued a "peer perform" rating on the stock. Finally, Truist Financial decreased their target price on Devon Energy from $67.00 to $64.00 and set a "buy" rating on the stock in a research report on Tuesday, July 9th. Five research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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