Devon Energy Corporation $DVN Position Reduced by First Dallas Securities Inc.

First Dallas Securities Inc. reduced its stake in shares of Devon Energy Corporation (NYSE:DVN) by 43.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,769 shares of the energy company’s stock after selling 24,298 shares during the period. First Dallas Securities Inc.’s holdings in Devon Energy were worth $1,011,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Banque Cantonale Vaudoise bought a new position in shares of Devon Energy during the first quarter worth about $26,000. Opal Wealth Advisors LLC acquired a new stake in Devon Energy during the second quarter valued at approximately $25,000. Trust Co. of Vermont lifted its holdings in Devon Energy by 241.3% during the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock worth $30,000 after buying an additional 666 shares during the last quarter. SouthState Corp lifted its holdings in Devon Energy by 350.5% during the 1st quarter. SouthState Corp now owns 991 shares of the energy company’s stock worth $37,000 after buying an additional 771 shares during the last quarter. Finally, Hughes Financial Services LLC acquired a new position in shares of Devon Energy in the 1st quarter worth approximately $38,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of several research reports. Jefferies Financial Group upped their price target on Devon Energy from $31.00 to $33.00 and gave the company a “hold” rating in a research report on Monday, July 14th. Siebert Williams Shank reduced their price objective on shares of Devon Energy from $52.00 to $46.00 and set a “buy” rating for the company in a report on Monday, October 13th. UBS Group upped their target price on Devon Energy from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 20th. Mizuho reduced their price objective on shares of Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Finally, Barclays lowered their price objective on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.04.

Devon Energy Stock Performance

NYSE DVN opened at $33.68 on Monday. The company has a 50 day moving average of $33.97 and a 200-day moving average of $33.27. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $39.74. The firm has a market cap of $21.38 billion, a price-to-earnings ratio of 7.55, a PEG ratio of 2.49 and a beta of 1.01.

Devon Energy (NYSE:DVN) last announced its earnings results on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.93 by $0.11. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company had revenue of $0.00 million for the quarter, compared to analysts’ expectations of $4.10 billion. During the same quarter in the prior year, the business earned $1.10 earnings per share. On average, equities 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 will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. Devon Energy’s dividend payout ratio (DPR) is currently 22.59%.

Devon Energy 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.