Lynx Investment Advisory Acquires 488 Shares of Devon Energy Corporation $DVN

Lynx Investment Advisory boosted its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 3.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,165 shares of the energy company’s stock after purchasing an additional 488 shares during the quarter. Lynx Investment Advisory’s holdings in Devon Energy were worth $482,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in DVN. Opal Wealth Advisors LLC bought a new stake in Devon Energy during the 2nd quarter valued at approximately $25,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Devon Energy in the 1st quarter worth approximately $26,000. Banque Cantonale Vaudoise bought a new stake in shares of Devon Energy in the 1st quarter worth approximately $26,000. Rakuten Securities Inc. lifted its position in shares of Devon Energy by 94.6% in the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock worth $31,000 after acquiring an additional 405 shares during the period. Finally, SouthState Corp lifted its position in shares of Devon Energy by 350.5% in the 1st quarter. SouthState Corp now owns 991 shares of the energy company’s stock worth $37,000 after acquiring an additional 771 shares during the period. Institutional investors own 69.72% of the company’s stock.

Insiders Place Their Bets

In related news, Director Kelt Kindick sold 7,685 shares of the firm’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares of the company’s stock, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.73% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on DVN. Siebert Williams Shank raised their price objective on Devon Energy from $47.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, June 23rd. Piper Sandler reduced their price objective on Devon Energy from $58.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, August 14th. Tudor, Pickering, Holt & Co. raised their price objective on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Scotiabank reiterated an “outperform” rating on shares of Devon Energy in a research report on Friday, July 11th. Finally, Jefferies Financial Group raised their price objective on Devon Energy from $31.00 to $33.00 and gave the stock a “hold” rating in a research report on Monday, July 14th. Sixteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $43.81.

Devon Energy Price Performance

Devon Energy stock opened at $35.11 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The company has a market capitalization of $22.29 billion, a PE ratio of 7.87, a price-to-earnings-growth ratio of 2.06 and a beta of 1.09. Devon Energy Corporation has a one year low of $25.89 and a one year high of $43.29. The business has a 50 day simple moving average of $34.34 and a 200 day simple moving average of $33.17.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.Devon Energy’s revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the company earned $1.41 EPS. On average, sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 21.52%.

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.