Grandfield & Dodd LLC Raises Stock Position in Devon Energy Corporation (NYSE:DVN)

Grandfield & Dodd LLC boosted its holdings in Devon Energy Corporation (NYSE:DVN) by 1.1% in the first quarter, HoldingsChannel reports. The institutional investor owned 313,047 shares of the energy company’s stock after purchasing an additional 3,326 shares during the quarter. Grandfield & Dodd LLC’s holdings in Devon Energy were worth $11,708,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. DDD Partners LLC bought a new stake in shares of Devon Energy in the first quarter worth about $347,000. Victory Capital Management Inc. increased its holdings in shares of Devon Energy by 12.9% in the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company’s stock worth $430,805,000 after purchasing an additional 1,315,050 shares during the last quarter. Bridgewater Advisors Inc. bought a new stake in shares of Devon Energy in the first quarter worth about $247,000. Kornitzer Capital Management Inc. KS bought a new stake in shares of Devon Energy in the first quarter worth about $203,000. Finally, Sage Mountain Advisors LLC bought a new stake in shares of Devon Energy in the first quarter worth about $222,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 2.9%

Shares of NYSE:DVN opened at $32.24 on Wednesday. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $49.35. The business has a 50 day simple moving average of $32.77 and a two-hundred day simple moving average of $33.55. The firm has a market capitalization of $20.70 billion, a PE ratio of 7.34, a price-to-earnings-growth ratio of 2.50 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.31 billion. During the same quarter last year, the firm earned $1.16 EPS. The firm’s quarterly revenue was up 23.8% on a year-over-year basis. On average, equities analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a $0.24 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.98%. Devon Energy’s payout ratio is 21.87%.

Analyst Ratings Changes

DVN has been the topic of several research reports. Raymond James Financial set a $40.00 target price on Devon Energy in a report on Monday, April 21st. Scotiabank reissued an “outperform” rating on shares of Devon Energy in a research note on Friday. JPMorgan Chase & Co. boosted their price objective on Devon Energy from $40.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Piper Sandler reduced their price objective on Devon Energy from $56.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Finally, BMO Capital Markets boosted their price objective on Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday. Eleven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $43.48.

Devon Energy Company 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.