Slagle Financial LLC Acquires Shares of 48,643 Devon Energy Co. (NYSE:DVN)

Slagle Financial LLC purchased a new stake in Devon Energy Co. (NYSE:DVN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 48,643 shares of the energy company's stock, valued at approximately $2,306,000.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company's stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Devon Energy by 1.5% during the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company's stock valued at $435,311,000 after buying an additional 138,919 shares during the period. Victory Capital Management Inc. boosted its position in Devon Energy by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company's stock worth $386,832,000 after acquiring an additional 68,339 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company's stock worth $320,609,000 after purchasing an additional 1,488,374 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its position in shares of Devon Energy by 3.8% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 4,699,410 shares of the energy company's stock valued at $222,752,000 after purchasing an additional 169,923 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

DVN stock traded up $1.03 during midday trading on Friday, reaching $44.70. The company had a trading volume of 4,263,919 shares, compared to its average volume of 7,167,934. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The firm has a market capitalization of $28.25 billion, a PE ratio of 8.48, a P/E/G ratio of 0.75 and a beta of 2.07. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The stock has a 50 day moving average price of $45.96 and a 200 day moving average price of $47.40.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to analysts' expectations of $3.90 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm's quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the business posted $1.18 earnings per share. Analysts anticipate that Devon Energy Co. will post 5.4 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 1.97%. Devon Energy's dividend payout ratio (DPR) is presently 16.79%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DVN. Wolfe Research began coverage on Devon Energy in a research note on Thursday, July 18th. They issued a "peer perform" rating on the stock. Scotiabank lowered their price target on Devon Energy from $67.00 to $60.00 and set a "sector outperform" rating for the company in a research report on Friday, July 12th. Royal Bank of Canada restated a "sector perform" rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, July 9th. Piper Sandler decreased their target price on Devon Energy from $65.00 to $57.00 and set an "overweight" rating for the company in a report on Thursday, August 15th. Finally, JPMorgan Chase & Co. raised their target price on shares of Devon Energy from $62.00 to $64.00 and gave the company an "overweight" rating in a research note on Monday, July 8th. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus 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.

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