Devon Energy Co. (NYSE:DVN) Position Increased by Apollon Wealth Management LLC

Apollon Wealth Management LLC increased its stake in Devon Energy Co. (NYSE:DVN) by 12.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,562 shares of the energy company’s stock after purchasing an additional 4,302 shares during the period. Apollon Wealth Management LLC’s holdings in Devon Energy were worth $1,875,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Salem Investment Counselors Inc. lifted its holdings in shares of Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after purchasing an additional 199 shares during the last quarter. Retirement Group LLC raised its stake in Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after acquiring an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in Devon Energy by 7.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after acquiring an additional 209 shares in the last quarter. MCF Advisors LLC raised its stake in Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after acquiring an additional 215 shares in the last quarter. Finally, Annex Advisory Services LLC raised its stake in Devon Energy by 0.8% during the 2nd quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after acquiring an additional 223 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of Devon Energy stock traded up $0.09 during trading on Monday, reaching $45.18. The company’s stock had a trading volume of 5,064,216 shares, compared to its average volume of 7,221,710. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The business’s fifty day moving average price is $46.13 and its 200-day moving average price is $47.43. The firm has a market cap of $28.55 billion, a price-to-earnings ratio of 8.62, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 29.02% and a net margin of 22.27%. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.18 earnings per share. As a group, equities research analysts predict that Devon Energy Co. will post 5.4 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.95%. Devon Energy’s payout ratio is presently 16.79%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Morgan Stanley lifted their target price on Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Mizuho lifted their price target on Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Scotiabank lowered their price target on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Piper Sandler lowered their price target on Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Susquehanna reiterated a “positive” rating and set a $65.00 price target on shares of Devon Energy in a research report on Tuesday, July 9th. Five investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $58.75.

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.