Institute for Wealth Management LLC. Increases stake in Devon Energy Co. (NYSE:DVN)

Institute for Wealth Management LLC. lifted its position in shares of Devon Energy Co. (NYSE:DVN – Free Report) by 4.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,234 shares of the energy company’s stock after acquiring an additional 237 shares during the period. Institute for Wealth Management LLC’s holdings in Devon Energy were worth $296,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of DVN. RPS Advisory Solutions LLC acquired a new stake in shares of Devon Energy in the second quarter valued at about $265,000. LRI Investments LLC boosted its holdings in shares of Devon Energy by 118.1% in the second quarter. LRI Investments LLC now owns 1,697 shares of the energy company’s stock worth $80,000 after acquiring an additional 919 shares in the last quarter. Traynor Capital Management Inc. boosted its position in shares of Devon Energy by 10.8% in the second quarter. Traynor Capital Management Inc. now owns 5,095 shares of the energy company’s stock worth $242,000 after purchasing an additional 495 shares in the last quarter. Lebenthal Global Advisors LLC boosted its holdings in shares of Devon Energy by 10.8% in the second quarter. Lebenthal Global Advisors LLC now owns 9,710 shares of the energy company’s stock valued at $460,000 after purchasing an additional 943 shares in the last quarter. Finally, Premier Path Wealth Partners LLC boosted its position in shares of Devon Energy by 14.0% in the second quarter. Premier Path Wealth Partners LLC now owns 4,546 shares of the energy company’s stock valued at $215,000 after buying an additional 560 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s shares.

Analysts on Wall Street are forecasting an increase

DVN has been the subject of several research analyst reports. Piper Sandler reduced their price objective on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Morgan Stanley boosted their price objective on Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a research note on Tuesday, July 9th. StockNews.com upgraded Devon Energy from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, Truist Financial reduced their price objective on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, 9 July. Five equities research 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. Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $58.75, based on data from MarketBeat.

Read our latest report on DVN

Devon Energy stocks rose 2.4%

Shares of NYSE DVN stock opened at $44.70 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04, and a quick ratio of 0.97. The company’s 50-day moving average is $45.94, and its two-hundred-day moving average is $47.52. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a market cap of $28.25 billion, a PE ratio of 8.53, a price-to-earnings-growth ratio of 0.75 and a beta of 2.07.

Devon Energy (NYSE:DVN – Get Your Free Report ) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. In the same quarter last year, the company earned $1.18 EPS. Devon Energy’s revenue was up 13.4% year over year. Equities analysts anticipate that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy announces dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.22 dividend. The ex-dividend date is Friday, September 13. This represents a dividend of $0.88 on an annualized basis and a yield of 1.97%. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

Energy Profile Devon

(Free report)

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 the Delaware, Eagle Ford, Anadarko, Williston and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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