Devon Energy Co. (NYSE:DVN) Shares Bought by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. raised its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 3.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 407,590 shares of the energy company's stock after acquiring an additional 14,775 shares during the quarter. Letko Brosseau & Associates Inc. owned approximately 0.06% of Devon Energy worth $19,320,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of DVN. Triad Wealth Partners LLC acquired a new stake in shares of Devon Energy during the 2nd quarter valued at about $27,000. Tradewinds Capital Management LLC acquired a new stake in Devon Energy in the first quarter valued at approximately $30,000. Manchester Capital Management LLC purchased a new stake in shares of Devon Energy in the fourth quarter valued at approximately $28,000. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy during the 2nd quarter worth approximately $34,000. Finally, Jones Financial Companies Lllp lifted its position in shares of Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company's stock valued at $33,000 after buying an additional 374 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

DVN has been the subject of a number of research analyst reports. Bank of America restated a "buy" rating and set a $64.00 price objective on shares of Devon Energy in a research report on Friday, June 14th. Piper Sandler lowered their price objective on Devon Energy from $65.00 to $57.00 and set an "overweight" rating on the stock in a report on Thursday, August 15th. Wolfe Research initiated coverage on Devon Energy in a report on Thursday, July 18th. They set a "peer perform" rating for the company. Mizuho lifted 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. Finally, BMO Capital Markets raised Devon Energy to a "strong-buy" rating in a research note on Wednesday, July 3rd. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $58.63.

Devon Energy Trading Down 1.8 %

Shares of DVN stock traded down $0.74 during trading on Friday, hitting $41.34. 6,226,394 shares of the stock traded hands, compared to its average volume of 7,067,286. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The firm has a market capitalization of $26.13 billion, a P/E ratio of 7.89, a price-to-earnings-growth ratio of 1.26 and a beta of 2.03. The firm's fifty day moving average price is $45.39 and its 200-day moving average price is $47.56. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

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

Devon Energy Announces Dividend

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