Frank Rimerman Advisors LLC Reduces Holdings in Devon Energy Corporation $DVN

Frank Rimerman Advisors LLC cut its stake in Devon Energy Corporation (NYSE:DVN) by 26.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,201 shares of the energy company’s stock after selling 2,570 shares during the period. Frank Rimerman Advisors LLC’s holdings in Devon Energy were worth $229,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Banque Cantonale Vaudoise purchased 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 2nd quarter worth approximately $25,000. Trust Co. of Vermont grew its stake in shares of Devon Energy by 241.3% in the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock valued at $30,000 after purchasing an additional 666 shares during the last quarter. SouthState Corp grew its stake in shares of Devon Energy by 350.5% in the 1st quarter. SouthState Corp now owns 991 shares of the energy company’s stock valued at $37,000 after purchasing an additional 771 shares during the last quarter. Finally, Stone House Investment Management LLC acquired a new position in shares of Devon Energy in the first quarter valued at approximately $39,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

NYSE:DVN opened at $35.63 on Friday. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $22.35 billion, a P/E ratio of 7.99, a price-to-earnings-growth ratio of 2.49 and a beta of 1.01. The firm has a 50-day moving average price of $33.97 and a two-hundred day moving average price of $33.53. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $39.65.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.93 by $0.11. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business had revenue of $0.00 million for the quarter, compared to analyst estimates of $4.10 billion. During the same period in the prior year, the business earned $1.10 earnings per share. As a group, research analysts expect 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. Shareholders of record on Monday, December 15th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 annualized dividend and a yield of 2.7%. Devon Energy’s dividend payout ratio (DPR) is presently 22.59%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on DVN shares. Barclays reduced their price objective on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 7th. Mizuho reduced their price target on Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a report on Monday, September 15th. William Blair began coverage on Devon Energy in a research note on Monday, August 25th. They issued an “outperform” rating on the stock. Susquehanna increased their price objective on Devon Energy from $40.00 to $42.00 and gave the stock a “positive” rating in a research report on Wednesday, November 12th. Finally, Siebert Williams Shank decreased their target price on shares of Devon Energy from $52.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.79.

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.