Bank of New York Mellon Corp Purchases 18,443 Shares of Devon Energy Co. (NYSE:DVN)

Bank of New York Mellon Corp lifted its position in Devon Energy Co. (NYSE:DVN - Free Report) by 0.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,680,448 shares of the energy company's stock after purchasing an additional 18,443 shares during the quarter. Bank of New York Mellon Corp owned about 0.74% of Devon Energy worth $221,853,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Creekmur Asset Management LLC acquired a new position in Devon Energy in the fourth quarter valued at approximately $791,000. Wahed Invest LLC lifted its position in shares of Devon Energy by 6.3% during the 4th quarter. Wahed Invest LLC now owns 10,944 shares of the energy company's stock valued at $496,000 after buying an additional 648 shares in the last quarter. Tradewinds Capital Management LLC acquired a new stake in Devon Energy in the 1st quarter valued at $30,000. MCF Advisors LLC raised its position in Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company's stock worth $202,000 after acquiring an additional 215 shares during the period. Finally, Principal Securities Inc. purchased a new position in Devon Energy during the fourth quarter valued at $702,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on DVN. JPMorgan Chase & Co. increased their target price on Devon Energy from $62.00 to $64.00 and gave the company an "overweight" rating in a report on Monday, July 8th. Truist Financial cut their price target on shares of Devon Energy from $67.00 to $64.00 and set a "buy" rating on the stock in a research note on Tuesday, July 9th. Sanford C. Bernstein reduced their price target on Devon Energy from $48.00 to $43.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 17th. Piper Sandler decreased their price target on shares of Devon Energy from $65.00 to $57.00 and set an "overweight" rating for the company in a research note on Thursday, August 15th. Finally, Mizuho increased their price objective on shares of Devon Energy from $57.00 to $61.00 and gave the company a "buy" rating in a research report on Monday, May 13th. 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $58.75.

Devon Energy Price Performance

Shares of NYSE:DVN traded up $0.44 during trading on Monday, hitting $45.14. 5,326,804 shares of the stock were exchanged, compared to its average volume of 7,156,748. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a market cap of $28.53 billion, a PE ratio of 8.63, a P/E/G ratio of 0.75 and a beta of 2.07. The company has a fifty day moving average price of $45.94 and a two-hundred day moving average price of $47.52. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46.

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, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same period last year, the firm posted $1.18 EPS. The firm's revenue for the quarter was up 13.4% on a year-over-year basis. On average, analysts forecast that Devon Energy Co. will post 5.4 EPS for the current year.

Devon Energy Announces Dividend

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

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.