Dimensional Fund Advisors LP Purchases 1,255,543 Shares of Devon Energy Co. (NYSE:DVN)

Dimensional Fund Advisors LP boosted its position in shares of Devon Energy Co. (NYSE:DVN) by 16.7% during the second quarter, Holdings Channel.com reports. The fund owned 8,793,217 shares of the energy company’s stock after acquiring an additional 1,255,543 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Devon Energy were worth $416,779,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Triad Wealth Partners LLC bought a new stake in Devon Energy during the 2nd quarter worth approximately $27,000. Tradewinds Capital Management LLC bought a new stake in Devon Energy during the 1st quarter worth approximately $30,000. Jones Financial Companies Lllp raised its stake in Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares during the period. 1620 Investment Advisors Inc. bought a new stake in Devon Energy during the 2nd quarter worth approximately $34,000. Finally, PSI Advisors LLC raised its stake in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares during the period. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of research analyst reports. Truist Financial cut their price objective on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a report on Tuesday, July 9th. Morgan Stanley cut their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday. Wolfe Research initiated coverage on shares of Devon Energy in a report on Thursday, July 18th. They set a “peer perform” rating for the company. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Finally, JPMorgan Chase & Co. cut 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. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $57.63.

Devon Energy Stock Performance

DVN stock opened at $39.64 on Tuesday. The firm has a market cap of $25.05 billion, a price-to-earnings ratio of 7.56, a PEG ratio of 1.13 and a beta of 2.03. The firm has a 50-day simple moving average of $44.50 and a two-hundred day simple moving average of $47.42. Devon Energy Co. has a one year low of $39.02 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the prior year, the company posted $1.18 earnings per share. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. On average, equities analysts forecast that Devon Energy Co. will post 5.36 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors 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 annualized dividend and a yield of 2.22%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

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.