Summit Financial Wealth Advisors LLC Takes $3.96 Million Position in Devon Energy Co. (NYSE:DVN)

Summit Financial Wealth Advisors LLC acquired a new position in Devon Energy Co. (NYSE:DVN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 81,927 shares of the energy company’s stock, valued at approximately $3,960,000. Devon Energy accounts for approximately 0.9% of Summit Financial Wealth Advisors LLC’s investment portfolio, making the stock its 27th biggest position.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mach 1 Financial Group LLC acquired a new position in shares of Devon Energy in the 1st quarter valued at $13,412,000. Tyler Stone Wealth Management acquired a new position in Devon Energy in the fourth quarter valued at about $25,000. Canada Pension Plan Investment Board bought a new position in Devon Energy during the first quarter worth about $26,000. Clearview Wealth Advisors LLC acquired a new position in shares of Devon Energy during the 1st quarter worth about $25,000. Finally, Crewe Advisors LLC increased its stake in shares of Devon Energy by 16,633.3% in the 1st quarter. Crewe Advisors LLC now owns 502 shares of the energy company’s stock valued at $25,000 after acquiring an additional 499 shares during the last quarter. 68.34% of the stock is owned by institutional investors.

Devon Energy Stock Performance

NYSE:DVN traded up $0.06 on Tuesday, hitting $49.56. The company’s stock had a trading volume of 1,188,658 shares, compared to its average volume of 8,884,547. Devon Energy Co. has a one year low of $44.03 and a one year high of $78.82. The firm has a market capitalization of $31.75 billion, a P/E ratio of 6.77, a price-to-earnings-growth ratio of 0.17 and a beta of 2.34. The stock has a fifty day moving average of $51.05 and a two-hundred day moving average of $50.43. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 1st. The energy company reported $1.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.18. Devon Energy had a return on equity of 37.89% and a net margin of 28.10%. The business had revenue of $3.45 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the prior year, the business earned $2.59 EPS. The firm’s revenue for the quarter was down 38.6% on a year-over-year basis. Research analysts predict that Devon Energy Co. will post 5.61 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a $0.49 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.96 annualized dividend and a yield of 3.95%. Devon Energy’s dividend payout ratio is currently 10.94%.

Insiders Place Their Bets

In other news, EVP Dennis C. Cameron sold 7,870 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $51.13, for a total transaction of $402,393.10. Following the transaction, the executive vice president now owns 210,548 shares in the company, valued at $10,765,319.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.63% of the company’s stock.

Analyst Ratings Changes

DVN has been the subject of a number of analyst reports. Royal Bank of Canada decreased their price objective on shares of Devon Energy from $63.00 to $60.00 and set a “sector perform” rating for the company in a report on Thursday, July 13th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Monday. Truist Financial dropped their price objective on Devon Energy from $69.00 to $63.00 and set a “buy” rating on the stock in a research note on Thursday, August 3rd. Evercore ISI decreased their target price on Devon Energy from $52.00 to $50.00 in a research note on Monday, July 10th. Finally, Morgan Stanley raised their price target on Devon Energy from $49.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 18th. Seven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $63.83.

About Devon Energy

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.