Lynx Investment Advisory Increases Stock Holdings in Devon Energy Corporation $DVN

Lynx Investment Advisory grew its position in Devon Energy Corporation (NYSE:DVN) by 3.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,165 shares of the energy company’s stock after buying 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.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cantor Fitzgerald Investment Advisors L.P. increased its holdings in Devon Energy by 10.8% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company’s stock worth $10,210,000 after purchasing an additional 26,519 shares during the last quarter. Merit Financial Group LLC increased its holdings in Devon Energy by 209.5% during the 1st quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company’s stock worth $848,000 after purchasing an additional 15,351 shares during the last quarter. Autumn Glory Partners LLC increased its holdings in Devon Energy by 93.6% during the 1st quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company’s stock worth $1,547,000 after purchasing an additional 20,000 shares during the last quarter. Intact Investment Management Inc. purchased a new stake in Devon Energy during the 1st quarter worth approximately $2,524,000. Finally, Praxis Investment Management Inc. increased its holdings in Devon Energy by 41.8% during the 1st quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company’s stock worth $1,758,000 after purchasing an additional 13,860 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Kelt Kindick sold 7,685 shares of the company’s stock in a transaction dated 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 owned 31,801 shares in the company, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on DVN. Scotiabank restated an “outperform” rating on shares of Devon Energy in a report on Friday, July 11th. Wolfe Research boosted their price target on Devon Energy from $47.00 to $49.00 and gave the company an “outperform” rating in a report on Monday, June 23rd. Siebert Williams Shank upped their price objective on Devon Energy from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, June 23rd. JPMorgan Chase & Co. boosted their price target on Devon Energy from $40.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Finally, Bernstein Bank reduced their price target on Devon Energy from $45.00 to $43.00 and set an “outperform” rating for the company in a research report on Monday, July 7th. Sixteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $43.81.

Devon Energy Stock Down 1.2%

NYSE:DVN opened at $35.11 on Wednesday. The firm has a market capitalization of $22.29 billion, a price-to-earnings ratio of 7.87, a PEG ratio of 2.06 and a beta of 1.09. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $43.29. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The business’s fifty day moving average price is $34.34 and its 200 day moving average price is $33.17.

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

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Monday, September 15th. Devon Energy’s dividend payout ratio is 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.