Federated Hermes Inc. Lowers Holdings in Devon Energy Corporation $DVN

Federated Hermes Inc. lowered its holdings in Devon Energy Corporation (NYSE:DVN) by 24.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 366,255 shares of the energy company’s stock after selling 117,554 shares during the quarter. Federated Hermes Inc.’s holdings in Devon Energy were worth $11,651,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. TD Asset Management Inc raised its stake in shares of Devon Energy by 6.4% in the 2nd quarter. TD Asset Management Inc now owns 267,322 shares of the energy company’s stock valued at $8,504,000 after acquiring an additional 16,106 shares during the period. Stephens Inc. AR increased its holdings in Devon Energy by 90.4% in the 2nd quarter. Stephens Inc. AR now owns 72,546 shares of the energy company’s stock valued at $2,308,000 after purchasing an additional 34,448 shares during the last quarter. Scott & Selber Inc. purchased a new stake in Devon Energy in the second quarter valued at approximately $2,455,000. Kwmg LLC lifted its stake in Devon Energy by 10.2% during the second quarter. Kwmg LLC now owns 147,671 shares of the energy company’s stock worth $4,697,000 after purchasing an additional 13,616 shares in the last quarter. Finally, NFJ Investment Group LLC purchased a new position in shares of Devon Energy during the first quarter worth $7,236,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

DVN has been the topic of several research analyst reports. Argus upgraded Devon Energy to a “strong-buy” rating in a report on Wednesday, November 26th. The Goldman Sachs Group boosted their price target on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Royal Bank Of Canada set a $42.00 price objective on shares of Devon Energy and gave the company a “sector perform” rating in a research note on Friday, October 10th. Capital One Financial cut their target price on shares of Devon Energy from $52.00 to $51.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 11th. Finally, Raymond James Financial raised their price target on shares of Devon Energy from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday, December 3rd. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $44.55.

Devon Energy Stock Performance

Shares of DVN stock opened at $38.39 on Thursday. The company has a market cap of $24.08 billion, a P/E ratio of 9.03, a PEG ratio of 2.88 and a beta of 0.62. The firm has a fifty day moving average price of $34.52 and a 200 day moving average price of $33.97. The company has a current ratio of 0.96, a quick ratio of 0.87 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $38.88.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. The firm had revenue of $0.00 million during the quarter, compared to the consensus estimate of $4.10 billion. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.During the same period in the prior year, the company posted $1.10 earnings per share. Sell-side analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, December 15th. Devon Energy’s dividend payout ratio (DPR) is 22.59%.

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.