Cambridge Investment Research Advisors Inc. Sells 22,636 Shares of Devon Energy Co. (NYSE:DVN)

Cambridge Investment Research Advisors Inc. lowered its holdings in Devon Energy Co. (NYSE:DVN - Free Report) by 9.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 227,861 shares of the energy company's stock after selling 22,636 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Devon Energy were worth $10,801,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Triad Wealth Partners LLC bought a new position in Devon Energy in the 2nd quarter worth about $27,000. Tradewinds Capital Management LLC bought a new position in shares of Devon Energy in the first quarter valued at approximately $30,000. Manchester Capital Management LLC purchased a new position in Devon Energy during the fourth quarter valued at approximately $28,000. 1620 Investment Advisors Inc. bought a new stake in Devon Energy during the 2nd quarter worth approximately $34,000. Finally, Jones Financial Companies Lllp lifted its stake in Devon Energy by 104.8% in the 4th 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. Institutional investors own 69.72% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on DVN shares. Morgan Stanley increased their price objective on Devon Energy from $52.00 to $54.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 9th. Mizuho boosted their price objective on Devon Energy from $57.00 to $61.00 and gave the stock a "buy" rating in a report on Monday, May 13th. Truist Financial lowered their target price 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. BMO Capital Markets raised shares of Devon Energy to a "strong-buy" rating in a research note on Wednesday, July 3rd. Finally, Sanford C. Bernstein lowered their price objective on shares of 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. Five equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $58.75.

Devon Energy Trading Down 1.1 %

Shares of Devon Energy stock traded down $0.49 on Tuesday, hitting $44.65. The stock had a trading volume of 3,761,792 shares, compared to its average volume of 7,136,199. The stock's 50-day simple moving average is $45.91 and its two-hundred day simple moving average is $47.56. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. 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 market cap of $28.22 billion, a price-to-earnings ratio of 8.52, a PEG ratio of 0.75 and a beta of 2.07.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data 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 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 for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.18 earnings per share. As a group, sell-side analysts predict that Devon Energy Co. will post 5.4 EPS 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. This represents a $0.88 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy's payout ratio is 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.