Sequoia Financial Advisors LLC Has $3.69 Million Stock Position in Devon Energy Corporation $DVN

Sequoia Financial Advisors LLC lifted its position in shares of Devon Energy Corporation (NYSE:DVN) by 31.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 89,209 shares of the energy company’s stock after acquiring an additional 21,285 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Devon Energy were worth $3,686,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Devon Energy in the fourth quarter valued at about $25,000. JFS Wealth Advisors LLC raised its holdings in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after purchasing an additional 245 shares during the last quarter. Parvin Asset Management LLC bought a new stake in Devon Energy during the 2nd quarter worth about $28,000. KERR FINANCIAL PLANNING Corp acquired a new position in Devon Energy during the 2nd quarter valued at about $29,000. Finally, GoalVest Advisory LLC acquired a new position in Devon Energy during the 2nd quarter valued at about $30,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on DVN. Argus reaffirmed a “buy” rating and issued a $45.85 target price on shares of Devon Energy in a research note on Monday, August 17th. Morgan Stanley cut their price objective on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, June 26th. JPMorgan Chase & Co. reduced their price objective on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 8th. Wall Street Zen lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Saturday, September 5th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $59.30.

Devon Energy Stock Up 0.3%

Shares of NYSE:DVN opened at $50.19 on Friday. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The company has a market capitalization of $55.21 billion, a PE ratio of 11.92, a PEG ratio of 1.37 and a beta of 0.37. The company has a 50 day moving average price of $45.61 and a two-hundred day moving average price of $45.95.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. During the same period last year, the firm posted $0.84 earnings per share. The business’s quarterly revenue was up 73.1% compared to the same quarter last year. Analysts forecast that Devon Energy Corporation will post 5.24 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is presently 30.40%.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon’s operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.