Essex Financial Services Inc. Decreases Position in Devon Energy Co. (NYSE:DVN)

Essex Financial Services Inc. lessened its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 66.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,456 shares of the energy company's stock after selling 23,053 shares during the period. Essex Financial Services Inc.'s holdings in Devon Energy were worth $543,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Triad Wealth Partners LLC purchased a new position in shares of Devon Energy during the 2nd 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 stake in Devon Energy in the first quarter worth about $30,000. Jones Financial Companies Lllp increased its position in Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company's stock worth $33,000 after buying an additional 374 shares in the last quarter. Finally, 1620 Investment Advisors Inc. bought a new position in shares of Devon Energy in the second quarter worth about $34,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Bank of America reissued a "buy" rating and issued a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Royal Bank of Canada restated a "sector perform" rating and set a $57.00 price objective on shares of Devon Energy in a research report on Tuesday. 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. Sanford C. Bernstein cut their price target on Devon Energy from $48.00 to $43.00 and set a "market perform" rating for the company in a research note on Wednesday, July 17th. Finally, JPMorgan Chase & Co. boosted their price objective on Devon Energy from $62.00 to $64.00 and gave the company an "overweight" rating in a research report on Monday, July 8th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $58.75.

Devon Energy Trading Down 3.9 %

Shares of NYSE DVN traded down $1.76 during mid-day trading on Tuesday, reaching $43.02. The company had a trading volume of 6,358,591 shares, compared to its average volume of 7,087,069. The stock has a market cap of $26.94 billion, a price-to-earnings ratio of 8.21, a price-to-earnings-growth ratio of 1.26 and a beta of 2.07. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The business's 50-day moving average is $45.70 and its 200-day moving average is $47.62. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

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 the consensus estimate 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 22.60% and a return on equity of 29.14%. The firm's quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.18 EPS. Equities analysts expect that Devon Energy Co. will post 5.37 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, September 13th. This represents a $0.88 annualized dividend and a yield of 2.05%. Devon Energy's payout ratio is currently 16.79%.

About Devon Energy

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.