Summit X LLC Purchases New Holdings in Devon Energy Corporation $DVN

Summit X LLC purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,904 shares of the energy company’s stock, valued at approximately $251,000.

Several other large investors also recently added to or reduced their stakes in the business. Opal Wealth Advisors LLC acquired a new stake in shares of Devon Energy in the second quarter worth $25,000. Banque Cantonale Vaudoise bought a new position in Devon Energy in the 1st quarter worth $26,000. Trust Co. of Vermont boosted its holdings in Devon Energy by 241.3% during the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock valued at $30,000 after acquiring an additional 666 shares during the period. FNY Investment Advisers LLC bought a new stake in Devon Energy during the second quarter valued at about $34,000. Finally, SouthState Corp grew its position in shares of Devon Energy by 350.5% in the first 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. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

NYSE DVN opened at $33.68 on Monday. The stock has a market capitalization of $21.38 billion, a PE ratio of 7.55, a P/E/G ratio of 2.49 and a beta of 1.01. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $39.74. The company’s 50 day simple moving average is $33.97 and its two-hundred day simple moving average is $33.27. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.11. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $0.00 million during the quarter, compared to analyst estimates of $4.10 billion. During the same quarter in the previous year, the company posted $1.10 earnings per share. Analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, December 15th. Devon Energy’s dividend payout ratio is currently 22.59%.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of research analyst reports. Morgan Stanley cut their price target on Devon Energy from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Tuesday, October 14th. Royal Bank Of Canada set a $42.00 price target on shares of Devon Energy and gave the company a “sector perform” rating in a report on Friday, October 10th. Scotiabank restated an “outperform” rating on shares of Devon Energy in a report on Thursday, October 9th. Mizuho reduced their target price on shares of Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. Finally, Roth Capital began coverage on Devon Energy in a research note on Monday, October 13th. They set a “buy” rating and a $42.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $43.04.

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.