Zurcher Kantonalbank Zurich Cantonalbank Sells 192,587 Shares of Devon Energy Co. (NYSE:DVN)

Zurcher Kantonalbank Zurich Cantonalbank lowered its holdings in Devon Energy Co. (NYSE:DVN - Free Report) by 47.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 211,305 shares of the energy company's stock after selling 192,587 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Devon Energy were worth $10,016,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy during the second quarter valued at about $27,000. Manchester Capital Management LLC purchased a new stake in Devon Energy in the 4th quarter worth approximately $28,000. Tradewinds Capital Management LLC bought a new position in Devon Energy in the 1st quarter valued at $30,000. Jones Financial Companies Lllp boosted its holdings in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company's stock valued at $33,000 after purchasing an additional 374 shares during the period. Finally, 1620 Investment Advisors Inc. bought a new position in shares of Devon Energy in the second quarter worth $34,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Mizuho lifted their price objective on Devon Energy from $57.00 to $61.00 and gave the company a "buy" rating in a research note on Monday, May 13th. Wolfe Research assumed coverage on Devon Energy in a research report on Thursday, July 18th. They set a "peer perform" rating for the company. Piper Sandler decreased 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. BMO Capital Markets raised shares of Devon Energy to a "strong-buy" rating in a research note on Wednesday, July 3rd. Finally, Scotiabank cut their price target on shares of Devon Energy from $67.00 to $60.00 and set a "sector outperform" rating for the company in a research note on Friday, July 12th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $58.75.

Devon Energy Trading Up 0.9 %

Shares of Devon Energy stock traded up $0.41 on Thursday, hitting $45.00. The stock had a trading volume of 4,361,785 shares, compared to its average volume of 7,098,766. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The stock's 50-day simple moving average is $45.87 and its two-hundred day simple moving average is $47.52. The stock has a market cap of $28.44 billion, a price-to-earnings ratio of 8.59, 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 Announces Dividend

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 1.96%. The ex-dividend date is Friday, September 13th. Devon Energy's payout ratio is 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.

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