Panagora Asset Management Inc. Sells 50,024 Shares of Devon Energy Co. (NYSE:DVN)

Panagora Asset Management Inc. trimmed its position in Devon Energy Co. (NYSE:DVN) by 72.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,201 shares of the energy company’s stock after selling 50,024 shares during the period. Panagora Asset Management Inc.’s holdings in Devon Energy were worth $910,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Argyle Capital Management Inc. lifted its holdings in shares of Devon Energy by 4.3% in the second quarter. Argyle Capital Management Inc. now owns 7,333 shares of the energy company’s stock valued at $348,000 after purchasing an additional 300 shares in the last quarter. Banco Santander S.A. raised its holdings in Devon Energy by 5.4% during the second quarter. Banco Santander S.A. now owns 177,472 shares of the energy company’s stock worth $8,412,000 after acquiring an additional 9,054 shares in the last quarter. Arkadios Wealth Advisors raised its holdings in Devon Energy by 43.1% during the second quarter. Arkadios Wealth Advisors now owns 36,428 shares of the energy company’s stock worth $1,727,000 after acquiring an additional 10,979 shares in the last quarter. HB Wealth Management LLC raised its holdings in Devon Energy by 2.1% during the second quarter. HB Wealth Management LLC now owns 19,892 shares of the energy company’s stock worth $943,000 after acquiring an additional 418 shares in the last quarter. Finally, Fort Pitt Capital Group LLC raised its holdings in Devon Energy by 8.8% during the second quarter. Fort Pitt Capital Group LLC now owns 1,231,389 shares of the energy company’s stock worth $58,368,000 after acquiring an additional 99,421 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

DVN has been the topic of several analyst reports. Mizuho upped their target price on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Wells Fargo & Company dropped their target price on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. boosted their price target on Devon Energy from $62.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, July 8th. Finally, Piper Sandler lowered their price target on Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Five research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $58.75.

Devon Energy Price Performance

Devon Energy stock opened at $44.78 on Monday. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The stock’s 50 day moving average is $45.85 and its 200-day moving average is $47.62. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $28.04 billion, a price-to-earnings ratio of 8.55, a PEG ratio of 1.26 and a beta of 2.07.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.18 earnings per share. Equities research analysts expect that Devon Energy Co. will post 5.37 EPS for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio is currently 16.79%.

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.