National Bank of Canada FI Acquires 964,147 Shares of Devon Energy Co. (NYSE:DVN)

National Bank of Canada FI increased its position in Devon Energy Co. (NYSE:DVN - Free Report) by 447.6% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 1,179,538 shares of the energy company's stock after purchasing an additional 964,147 shares during the period. National Bank of Canada FI owned about 0.19% of Devon Energy worth $56,299,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. increased its stake in Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company's stock valued at $42,000 after buying an additional 199 shares during the period. Retirement Group LLC raised its holdings in shares of Devon Energy by 21.8% during the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company's stock worth $56,000 after acquiring an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Devon Energy by 7.4% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company's stock worth $153,000 after acquiring an additional 209 shares in the last quarter. MCF Advisors LLC boosted 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 valued at $202,000 after purchasing an additional 215 shares during the last quarter. Finally, Annex Advisory Services LLC grew its stake in Devon Energy by 0.8% in the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company's stock valued at $1,311,000 after purchasing an additional 223 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Price Performance

DVN traded down $0.75 during midday trading on Friday, reaching $41.33. 6,224,153 shares of the company's stock were exchanged, compared to its average volume of 7,067,286. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The firm has a market capitalization of $26.12 billion, a price-to-earnings ratio of 7.89, a price-to-earnings-growth ratio of 1.26 and a beta of 2.03. The business has a 50-day simple moving average of $45.39 and a two-hundred day simple moving average of $47.53. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.26 by $0.15. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company's revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.18 earnings per share. As a group, research analysts predict that Devon Energy Co. will post 5.37 EPS for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.13%. Devon Energy's payout ratio is 16.79%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on DVN shares. BMO Capital Markets raised Devon Energy to a "strong-buy" rating in a research note on Wednesday, July 3rd. Piper Sandler reduced their target price 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. Morgan Stanley increased their price target on shares of Devon Energy from $52.00 to $54.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 9th. Royal Bank of Canada restated a "sector perform" rating and set a $57.00 target price on shares of Devon Energy in a report on Tuesday. Finally, Mizuho upped their price target on Devon Energy from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Monday, May 13th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $58.63.

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.