Ellis Investment Partners LLC Buys 1,938 Shares of Devon Energy Co. (NYSE:DVN)

Ellis Investment Partners LLC lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 4.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,358 shares of the energy company’s stock after acquiring an additional 1,938 shares during the period. Ellis Investment Partners LLC’s holdings in Devon Energy were worth $2,340,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Creekmur Asset Management LLC bought a new stake in shares of Devon Energy during the fourth quarter worth $791,000. Wahed Invest LLC grew its position in Devon Energy by 6.3% in the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after purchasing an additional 648 shares in the last quarter. Tradewinds Capital Management LLC bought a new position in Devon Energy in the first quarter valued at $30,000. MCF Advisors LLC grew its position in Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares in the last quarter. Finally, Principal Securities Inc. bought a new position in Devon Energy in the fourth quarter valued at $702,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE DVN opened at $41.34 on Friday. The firm has a 50-day moving average of $45.39 and a 200-day moving average of $47.56. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The stock has a market cap of $26.13 billion, a PE ratio of 7.89, a P/E/G ratio of 1.26 and a beta of 2.03. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business’s revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.18 EPS. On average, sell-side analysts anticipate that Devon Energy Co. will post 5.37 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio is currently 16.79%.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their target price on shares of Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, July 8th. Morgan Stanley raised their target price on shares of Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Susquehanna decreased their target price on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a research report on Wednesday. Wells Fargo & Company decreased their target price on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, August 14th. Finally, Truist Financial cut their price target 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. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $58.63.

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.