Sequoia Financial Advisors LLC Buys 21,285 Shares of Devon Energy Corporation $DVN

Key Points

• Sequoia Financial Advisors increased its Devon Energy stake by 31.3% in the second quarter, purchasing 21,285 shares and bringing its total holdings to 89,209 shares valued at approximately $3.69 million. Institutional investors collectively own 69.72% of DVN.
• Devon Energy reported strong quarterly results, with EPS of $1.57 versus the $1.40 consensus estimate and revenue of $7.42 billion, up 73.1% year over year.
• The company declared a quarterly dividend of $0.32 per share, equivalent to an annualized $1.28 payout and a 2.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $59.30.

Sequoia Financial Advisors LLC lifted its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 31.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 89,209 shares of the energy company's stock after buying an additional 21,285 shares during the period. Sequoia Financial Advisors LLC's holdings in Devon Energy were worth $3,686,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Tobam grew its position in Devon Energy by 16.4% in the fourth quarter. Tobam now owns 1,633 shares of the energy company's stock valued at $60,000 after acquiring an additional 230 shares during the period. Sigma Planning Corp lifted its holdings in shares of Devon Energy by 3.5% during the second quarter. Sigma Planning Corp now owns 6,902 shares of the energy company's stock valued at $285,000 after acquiring an additional 233 shares during the period. TD Private Client Wealth LLC lifted its holdings in shares of Devon Energy by 3.4% during the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock valued at $262,000 after acquiring an additional 236 shares during the period. Retirement Planning Group LLC boosted its stake in shares of Devon Energy by 4.5% in the 2nd quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company's stock valued at $233,000 after purchasing an additional 243 shares in the last quarter. Finally, JFS Wealth Advisors LLC boosted its stake in shares of Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after purchasing an additional 245 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $50.19 on Friday. The business has a fifty day moving average of $45.61 and a 200-day moving average of $45.95. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The firm has a market cap of $55.21 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 1.37 and a beta of 0.37.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter in the prior year, the company earned $0.84 EPS. The firm's quarterly revenue was up 73.1% on a year-over-year basis. On average, equities research analysts predict that Devon Energy Corporation will post 5.24 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.6%. Devon Energy's payout ratio is currently 30.40%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group dropped their target price on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the company an "outperform" rating in a research report on Monday, June 22nd. UBS Group decreased their price objective on shares of Devon Energy from $58.00 to $54.00 and set a "buy" rating on the stock in a research note on Wednesday, July 15th. Morgan Stanley decreased their price objective on shares of Devon Energy from $66.00 to $63.00 and set an "overweight" rating on the stock in a research note on Friday, June 26th. Finally, Jefferies Financial Group raised their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a report on Monday, May 18th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $59.30.

Devon Energy Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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