First Washington CORP Sells 4,486 Shares of Devon Energy Co. (NYSE:DVN)

First Washington CORP cut its position in shares of Devon Energy Co. (NYSE:DVN) by 12.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,807 shares of the energy company’s stock after selling 4,486 shares during the period. First Washington CORP’s holdings in Devon Energy were worth $1,555,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in DVN. Salem Investment Counselors Inc. raised its holdings in shares of Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares in the last quarter. Retirement Group LLC increased its position in Devon Energy by 21.8% during the 1st quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock valued at $56,000 after purchasing an additional 199 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Devon Energy by 7.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after purchasing an additional 209 shares in the last quarter. MCF Advisors LLC lifted its position in shares of Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares during the period. Finally, Annex Advisory Services LLC boosted its stake in shares of Devon Energy by 0.8% during the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after purchasing an additional 223 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Bank of America restated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Morgan Stanley dropped their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday. Piper Sandler reduced their target price on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $57.63.

Devon Energy Price Performance

Shares of NYSE DVN opened at $40.47 on Wednesday. Devon Energy Co. has a 52 week low of $39.02 and a 52 week high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The firm has a market cap of $25.58 billion, a P/E ratio of 7.72, a P/E/G ratio of 1.13 and a beta of 2.03. The business’s 50 day moving average price is $44.50 and its 200 day moving average price is $47.42.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.18 earnings per share. On average, sell-side analysts expect that Devon Energy Co. will post 5.36 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.17%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is 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.