Confluence Wealth Services Inc. Increases Position in Devon Energy Co. (NYSE:DVN)

Confluence Wealth Services Inc. lifted its position in shares of Devon Energy Co. (NYSE:DVN) by 5.2% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 54,536 shares of the energy company’s stock after buying an additional 2,678 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Devon Energy were worth $2,133,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. State of Alaska Department of Revenue grew its position in shares of Devon Energy by 0.5% during the first quarter. State of Alaska Department of Revenue now owns 69,520 shares of the energy company’s stock worth $3,488,000 after purchasing an additional 330 shares in the last quarter. Norden Group LLC purchased a new position in shares of Devon Energy in the first quarter worth $1,330,000. First Trust Direct Indexing L.P. boosted its position in shares of Devon Energy by 5.2% during the first quarter. First Trust Direct Indexing L.P. now owns 17,207 shares of the energy company’s stock worth $863,000 after acquiring an additional 857 shares during the last quarter. Diversify Advisory Services LLC purchased a new position in Devon Energy during the first quarter valued at $246,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Devon Energy by 68.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 173,601 shares of the energy company’s stock valued at $8,514,000 after acquiring an additional 70,354 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 0.9 %

Shares of DVN opened at $38.32 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The firm has a market capitalization of $24.00 billion, a price-to-earnings ratio of 6.95, a PEG ratio of 1.19 and a beta of 2.03. The company has a 50-day moving average of $41.04 and a 200 day moving average of $45.33. Devon Energy Co. has a 1-year low of $37.76 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.15. The firm 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 quarter in the previous year, the firm posted $1.18 earnings per share. On average, research analysts expect that Devon Energy Co. will post 4.93 EPS for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s payout ratio is 15.97%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on DVN. 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, September 3rd. Susquehanna decreased their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Scotiabank decreased their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Finally, Piper Sandler reduced their target price on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $52.53.

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.