Devon Energy Co. (NYSE:DVN) Shares Sold by Wesbanco Bank Inc.

Wesbanco Bank Inc. trimmed its holdings in Devon Energy Co. (NYSE:DVN) by 0.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 62,840 shares of the energy company’s stock after selling 520 shares during the quarter. Wesbanco Bank Inc.’s holdings in Devon Energy were worth $2,979,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Guinness Atkinson Asset Management Inc increased its position in Devon Energy by 13.8% during the second quarter. Guinness Atkinson Asset Management Inc now owns 7,913 shares of the energy company’s stock worth $375,000 after buying an additional 960 shares during the period. Guinness Asset Management LTD raised its position in Devon Energy by 17.3% in the 2nd quarter. Guinness Asset Management LTD now owns 300,966 shares of the energy company’s stock valued at $14,242,000 after purchasing an additional 44,324 shares during the last quarter. Simplicity Wealth LLC grew its position in Devon Energy by 3.6% during the 2nd quarter. Simplicity Wealth LLC now owns 11,870 shares of the energy company’s stock worth $563,000 after purchasing an additional 416 shares during the last quarter. Foundation Resource Management Inc. increased its stake in Devon Energy by 1.2% in the second quarter. Foundation Resource Management Inc. now owns 82,629 shares of the energy company’s stock valued at $3,917,000 after purchasing an additional 950 shares during the period. Finally, Arkfeld Wealth Strategies L.L.C. acquired a new stake in shares of Devon Energy during the second quarter worth about $1,669,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Wells Fargo & Company dropped their price target on Devon Energy from $60.00 to $57.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 23rd. Sanford C. Bernstein decreased their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. Piper Sandler boosted their price objective on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, May 14th. Truist Financial reduced their target price on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research note on Tuesday, July 9th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a report on Tuesday, July 9th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $59.13.

Devon Energy Stock Up 0.4 %

DVN opened at $45.30 on Friday. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The company has a market cap of $28.63 billion, a price-to-earnings ratio of 8.61, a PEG ratio of 0.75 and a beta of 2.07. The business’s fifty day moving average is $46.43 and its two-hundred day moving average is $47.22. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.18 EPS. Analysts anticipate that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 1.94%. Devon Energy’s dividend payout ratio is currently 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.