Strategy Asset Managers LLC Invests $699,000 in Devon Energy Co. (NYSE:DVN)

Strategy Asset Managers LLC acquired a new stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 14,466 shares of the energy company's stock, valued at approximately $699,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Triad Wealth Partners LLC bought a new stake in Devon Energy during the 2nd quarter worth approximately $27,000. Tradewinds Capital Management LLC bought a new stake in Devon Energy during the first quarter worth $30,000. Manchester Capital Management LLC purchased a new stake in Devon Energy in the 4th quarter valued at $28,000. 1620 Investment Advisors Inc. bought a new position in Devon Energy during the 2nd quarter valued at $34,000. Finally, Jones Financial Companies Lllp boosted its holdings in Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company's stock worth $33,000 after acquiring an additional 374 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Morgan Stanley increased their target price on shares of Devon Energy from $52.00 to $54.00 and gave the company an "overweight" rating in a report on Tuesday, July 9th. Wells Fargo & Company decreased their price objective on shares of Devon Energy from $57.00 to $55.00 and set an "overweight" rating for the company in a research note on Wednesday, August 14th. BMO Capital Markets upgraded Devon Energy to a "strong-buy" rating in a research note on Wednesday, July 3rd. Wolfe Research initiated coverage on Devon Energy in a research report on Thursday, July 18th. They set a "peer perform" rating for the company. Finally, Royal Bank of Canada reiterated a "sector perform" rating and set a $57.00 price target on shares of Devon Energy in a report on Tuesday. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned 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 $58.63.

Devon Energy Stock Performance

Shares of NYSE DVN traded down $0.78 during midday trading on Wednesday, hitting $42.24. The company's stock had a trading volume of 6,279,482 shares, compared to its average volume of 7,082,376. The firm has a market capitalization of $26.45 billion, a price-to-earnings ratio of 8.06, a P/E/G ratio of 1.26 and a beta of 2.07. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The stock has a fifty day moving average price of $45.61 and a 200 day moving average price of $47.59. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last issued 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. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $3.92 billion for the quarter, compared to analysts' expectations of $3.90 billion. During the same quarter in the previous year, the firm posted $1.18 EPS. The business's revenue for the quarter was up 13.4% compared to the same quarter last year. On average, research analysts forecast that Devon Energy Co. will post 5.37 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 annualized dividend and a yield of 2.08%. Devon Energy's dividend 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.