Dimensional Fund Advisors LP Grows Holdings in Devon Energy Co. (NYSE:DVN)

Dimensional Fund Advisors LP grew its stake in Devon Energy Co. (NYSE:DVN) by 16.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,793,217 shares of the energy company’s stock after buying an additional 1,255,543 shares during the period. Dimensional Fund Advisors LP owned approximately 1.39% of Devon Energy worth $416,779,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Salem Investment Counselors Inc. grew 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 worth $42,000 after buying an additional 199 shares in the last quarter. Retirement Group LLC lifted its holdings in shares of Devon Energy by 21.8% in the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after acquiring an additional 199 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Devon Energy by 7.4% in the 1st 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 during the last quarter. MCF Advisors LLC lifted its holdings in shares of Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after acquiring an additional 215 shares during the last quarter. Finally, Annex Advisory Services LLC lifted its holdings in shares of Devon Energy by 0.8% in the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after acquiring an additional 223 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 0.5 %

NYSE:DVN opened at $39.64 on Tuesday. Devon Energy Co. has a 1-year low of $39.02 and a 1-year high of $55.09. The firm’s 50-day moving average price is $44.50 and its 200-day moving average price is $47.42. The company has a market capitalization of $25.05 billion, a PE ratio of 7.56, a P/E/G ratio of 1.13 and a beta of 2.03. 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) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate 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 net margin of 22.60% and a return on equity of 29.14%. Devon Energy’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.18 EPS. On average, equities analysts predict that Devon Energy Co. will post 5.36 EPS 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 issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s payout ratio is presently 16.79%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Piper Sandler lowered their price objective on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Morgan Stanley lowered their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday. JPMorgan Chase & Co. decreased their price objective on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Bank of America restated a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a report on Friday, June 14th. Finally, BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Six equities research 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 company. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $57.63.

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.